The naira is trading at different rates against the United States dollar in Nigeria’s official and parallel foreign exchange markets.
The latest available figures put the official Nigerian Foreign Exchange Market rate at about ₦1,323.21 per dollar, while the parallel market is quoting the dollar at approximately ₦1,400 to buy and ₦1,410 to sell.
Official Market Rate
The Nigerian Foreign Exchange Market rate is determined by transactions in the official foreign exchange market.
Data published by the Central Bank of Nigeria showed an NFEM rate of ₦1,326.6862/$ on September 2, 2026, while the latest live reading available on September 4 put the rate at ₦1,323.21/$.
The official rate may fluctuate during the day as new transactions are recorded.
Parallel Market Rate
In the parallel market, dealers are currently quoting the dollar at about ₦1,400 for buying and ₦1,410 for selling.
The buying rate is the amount paid by dealers to customers selling dollars, while the selling rate is the amount customers pay when purchasing the currency.
At a selling rate of ₦1,410/$, $100 would cost approximately ₦141,000, while $1,000 would cost about ₦1.41 million.
Difference Between Official and Parallel Rates
Based on the latest figures, the difference between the official rate of ₦1,323.21/$ and the parallel-market selling rate of ₦1,410/$ is approximately ₦86.79 per dollar.
The gap reflects differences in pricing mechanisms, liquidity and dollar supply across the two markets.
Parallel-market rates can also vary depending on the dealer, location and size of the transaction.
What to Expect
The naira’s movement in the coming days will largely depend on foreign exchange liquidity, dollar supply and demand, and developments in the official market.
However, parallel-market quotations are indicative and may not represent the exact rate offered by every dealer.
Customers are advised to confirm the prevailing rate with their bank or Bureau de Change before carrying out foreign exchange transactions.
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