The naira is trading against the dollar at different levels across Nigeria’s official and parallel foreign exchange markets, with the latest available figures showing a gap between the two.
The latest available figures put the official rate at about N1,323.21 per dollar, while the parallel market is quoting around N1,400 to buy and N1,410 to sell. The official figure is a live exchange-rate reading, while the parallel-market figures are the latest available dealer quotes.
Official market rate
The Nigerian Foreign Exchange Market (NFEM) rate is derived from the volume-weighted average of transactions in the official market. The Central Bank of Nigeria’s published data showed an NFEM rate of N1,326.6862 per dollar for September 2, 2026, while the latest live reading available for September 4 stood at N1,323.21.
This means the naira was trading at approximately N1,323.21 to the dollar on the latest live reading, although the rate may change as new transactions are recorded.
Parallel market rate
In the parallel market, the dollar is being quoted at approximately N1,400 on the buying side and N1,410 on the selling side. The buying rate is the amount dealers pay for dollars, while the selling rate is what customers pay to purchase them.
At the selling rate of N1,410, $100 would cost about N141,000, while $1,000 would cost approximately N1.41 million.
Difference between the two markets
Based on the latest figures, the gap between the official rate of N1,323.21 and the parallel-market selling rate of N1,410 is approximately N86.79 per dollar.
The difference reflects the distinct pricing mechanisms and liquidity conditions in the two markets. Parallel-market rates may also vary slightly depending on the dealer, location and transaction size.
What to expect
The naira’s movement will continue to depend on foreign exchange liquidity, dollar supply and demand, and developments in the official market. However, the parallel-market figures cited above are the latest available quotes rather than a guarantee of every dealer’s price.
For the most accurate transaction rate, buyers and sellers should confirm the prevailing quote directly with their bank or Bureau de Change before exchanging currency.
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