The naira was quoted at about ₦1,322.72 to the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, September 10, 2026, while the dollar traded at around ₦1,390 in the parallel market.
Recent market data showed the naira remaining relatively stable at the official window after closing at ₦1,322.90 per dollar on Tuesday, compared with ₦1,320 in the previous session.
In the parallel market, the dollar was being quoted at different rates depending on the dealer and location. Recent reports placed the dollar around ₦1,380 to ₦1,390, with some market trackers recording different buying and selling prices.
Using ₦1,390 as the parallel-market selling rate and ₦1,322.72 as the reported NFEM rate, the difference between the two markets is approximately ₦67.28 per dollar.
This means that someone buying $100 at the parallel-market rate of ₦1,390 would need about ₦139,000, compared with approximately ₦132,272 at the reported official rate.
The official-market rate is determined through transactions involving authorised participants in Nigeria’s foreign exchange market, while parallel-market rates can vary from one dealer to another.
The naira has recently shown relative strength in the official market. On September 7, the currency closed at about ₦1,320 per dollar, while NFEM turnover fell sharply to ₦107.07 million, according to data attributed to the Central Bank of Nigeria.
Earlier in September, the naira had also strengthened from ₦1,335.50 per dollar at the start of the week to ₦1,322.50 by September 4.
However, the rates available to individuals and businesses can differ depending on whether the transaction is conducted through a bank, licensed Bureau de Change operator or the informal market.
Foreign exchange rates also change during the day in response to dollar supply and demand, trading activity, liquidity and other market conditions.
For Nigerians tracking the naira-dollar exchange rate, the parallel-market figure should therefore be treated as an indicative street rate rather than a single uniform price available from every dealer.
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