The naira strengthened against the US dollar on Wednesday, gaining ground in both Nigeria’s official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the dollar fell to ₦1,328, compared with ₦1,331 on Tuesday, representing a ₦3 appreciation for the naira.
Data from the Central Bank of Nigeria showed that activity in the official market also increased significantly during the period under review.
NFEM turnover rose by 181.5 per cent to $279.2 million, up from $99.2 million recorded previously. The increase indicates a sharp rise in trading activity in the official foreign exchange market.
The naira also strengthened in the parallel market.
The dollar was quoted at about ₦1,375 on Wednesday, compared with ₦1,383 on Tuesday, representing an ₦8 gain for the Nigerian currency.
With the latest movements, the difference between the official and parallel-market rates narrowed to about ₦47 per dollar, from ₦52 previously.
Nigeria’s external reserves have also continued to rise. The country’s reserves stood at $54.674 billion as of September 17, according to the latest figure cited in market reports.
The stronger reserves position provides additional foreign-exchange liquidity and has coincided with the recent relative stability of the naira.
For individuals and businesses, however, the actual exchange rate available can differ from the published market benchmarks.
Banks, Bureau de Change operators and other dealers may quote different rates depending on location, transaction size, dollar availability and prevailing market conditions.
At the latest reported parallel-market selling rate of ₦1,375, $100 would cost about ₦137,500, while $1,000 would cost approximately ₦1.375 million.
At the official NFEM rate of ₦1,328, the equivalent amounts would be about ₦132,800 for $100 and ₦1.328 million for $1,000.
The latest movement comes as foreign-exchange trading activity and Nigeria’s reserve position remain important factors in the naira’s performance.
As of September 24, 2026, the latest confirmed figures put the dollar at approximately ₦1,328 at the NFEM and ₦1,375 in the parallel market.
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