The Nigerian naira opened September 2026 at about ₦1,332.44 per dollar in the official foreign exchange market, while the United States dollar traded as high as ₦1,405 on the parallel market.
The latest figures show that a significant gap remains between Nigeria’s official foreign exchange market and the parallel market, despite the naira maintaining relative stability in recent trading sessions.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at ₦1,332.44 per dollar on August 31.
The NFEM rate serves as Nigeria’s official exchange rate and is based on the volume-weighted average of foreign exchange transactions recorded during the trading session.
The naira’s recent performance has been supported by improved foreign exchange liquidity and stronger external reserves, which have helped reduce pressure on the local currency in the official market.
Recent market data had also shown the naira trading around ₦1,338.59 per dollar, amid increased activity in the official foreign exchange market.
However, the parallel market continued to record significantly higher dollar prices.
According to market data cited by NgnRates, the dollar was quoted at ₦1,390 for buying and ₦1,405 for selling, while other market monitors placed the parallel-market rate between ₦1,400 and ₦1,415 per dollar.
This means Nigerians buying dollars through the parallel market could pay roughly ₦60 to ₦80 more for each dollarcompared with the official NFEM rate.
Trading activity in the official market also increased during the latest session.
Data cited by AbokiFX showed that total foreign exchange turnover rose by 16.43 per cent to $1.06 billion, up from the previously recorded $913.76 million.
Despite the increase in transaction value, the number of deals recorded during the session declined.
The higher turnover points to increased dollar liquidity in the official market, a development that could continue to provide some support for the naira if the trend is sustained.
For Nigerians, however, the actual exchange rate available will depend on the channel used, transaction size, location and prevailing demand and supply conditions.
Banks, Bureau de Change operators and parallel-market dealers may quote different rates at different times.
As of September 1, 2026, available market figures put the official naira-dollar rate around ₦1,332 to ₦1,338 per dollar, while parallel-market rates remained around ₦1,390 to ₦1,415.
The gap between the two markets is expected to remain sensitive to dollar liquidity, demand for foreign currency and developments in Nigeria’s foreign exchange market.
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