Naira strengthens against Dollar as exchange rate falls to N1,329.43

The naira is trading at different levels against the United States dollar as of Wednesday, September 2, 2026, with a noticeable gap between the official foreign exchange market and the parallel market.

At the Nigerian Foreign Exchange Market (NFEM), the latest available data from the Central Bank of Nigeria (CBN) put the naira at N1,329.43 to $1 on Tuesday, September 1, while the currency closed at about N1,329.00 per dollar.

The NFEM rate is derived from the volume-weighted average of transactions carried out in Nigeria’s official foreign exchange market.

Based on the latest official benchmark, $1 is worth approximately N1,329.43, while $100 would amount to about N132,943.

However, the story is different in the parallel market, where the dollar continues to trade above the official rate.

Data published by Aboki Forex on Wednesday showed that the dollar was being bought at approximately N1,400 and sold at N1,405 in the parallel market.

Another market tracker, NairaToday, quoted the dollar at around N1,410, highlighting the variations that often occur among currency dealers and across different locations.

The difference between the official and parallel-market rates reflects the contrasting conditions under which foreign exchange is traded. While NFEM transactions take place within the formal market, parallel-market prices are largely influenced by demand, supply and prevailing conditions outside the regulated banking system.

For individuals and businesses looking to buy or sell dollars, the actual rate may therefore differ depending on the dealer, location, transaction size and the time of the transaction.

Parallel-market rates can also change several times within a single day as demand and supply conditions shift.

As of Wednesday, September 2, 2026, the latest official NFEM benchmark stands at about N1,329.43 to $1, while parallel-market quotations are hovering between N1,400 and N1,410 per dollar.

The naira-dollar rates remain subject to further changes as foreign exchange trading continues throughout the day.