The naira opened Monday’s trading session relatively stable against the US dollar, with the latest Nigerian Foreign Exchange Market (NFEM) rate standing at about ₦1,331.20/$.
The parallel market, however, continued to quote the dollar at around ₦1,395, leaving a difference of approximately ₦63.80 per dollar between the two markets. The latest official rate was based on Friday’s confirmed NFEM fixing.
The NFEM rate represented a marginal improvement from the previous ₦1,331.28/$, indicating limited movement in official-market pricing.
A live USD/NGN benchmark was also around ₦1,330.65/$ in early trading on Monday, keeping the naira close to the ₦1,330 level.
At the parallel market rate of ₦1,395/$, a person buying $100 would need approximately ₦139,500, while $1,000 would cost about ₦1.395 million.
The gap between the official and parallel rates reflects differences in supply, demand and liquidity across the two segments. Actual rates available to customers can also vary between banks, Bureau de Change operators, locations and transaction sizes.
The Central Bank of Nigeria, CBN, operates the NFEM under a market-based foreign exchange framework, with the bank’s reforms aimed at allowing market forces to play a greater role in determining exchange rates.
Nigeria’s external reserves have also remained an important indicator of the country’s foreign exchange position. The CBN maintains a statistics database covering exchange rates and external reserves, among other economic indicators.
As of Monday, September 21, 2026, the key USD/NGN reference rates were approximately ₦1,331.20/$ on the NFEM, ₦1,330.65/$ on the live benchmark and ₦1,395/$ on the parallel market.
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