Dollar-Naira Rate Hits New Level At Official And Parallel

THE Naira traded at different levels against the United States Dollar across Nigeria’s official and parallel foreign exchange markets on Wednesday, September 2, 2026.

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At the Nigerian Foreign Exchange Market, the latest available Central Bank of Nigeria data showed the Naira trading at N1,329.43 to the Dollar on September 1.

The currency closed at N1,329.00 per Dollar at the official market, with the NFEM rate calculated using the volume-weighted average of transactions.

Based on the latest official benchmark, one US Dollar was valued at about N1,329.43, while $100 was equivalent to approximately N132,943.

The official exchange rate remained below parallel-market quotations, where the dollar continued to trade at a higher level on Wednesday.

Live data published by Aboki Forex showed the dollar buying at about N1,400 and selling at approximately N1,405 in the parallel market.

Another market tracker, NairaToday, quoted the Dollar at around N1,410, indicating variations in parallel-market rates among dealers and locations.

The parallel market operates outside the formal banking system, with exchange rates largely influenced by foreign currency supply, demand and individual market conditions.

The difference between the NFEM benchmark and parallel-market quotations therefore remained visible, with the dollar trading within the N1,400-N1,410 range outside the official market.

For Nigerians buying or selling foreign currency, the actual rate may vary depending on the dealer, location, transaction size and prevailing market conditions.

Parallel-market rates can also change several times during the day as foreign exchange demand and supply conditions fluctuate.

As of Wednesday, September 2, the latest official NFEM benchmark stood at about N1,329.43 per Dollar, while parallel-market quotations ranged from approximately N1,400 to N1,410.