The naira is trading at different levels across Nigeria’s official foreign exchange market and the parallel market as of Tuesday, September 1, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at approximately ₦1,332.44/$ based on the latest available official data for August 31. The Central Bank of Nigeria (CBN) defines the NFEM rate as a volume-weighted average and the official exchange rate for the day.
Meanwhile, rates in the parallel market remain significantly higher. The latest market checks put the dollar at around ₦1,390 to ₦1,405, depending on whether customers are buying or selling dollars.
NgnRates listed the parallel-market buying rate at ₦1,390/$ and the selling rate at ₦1,405/$, while other market trackers reported rates in the region of ₦1,400 to ₦1,415/$.
This leaves a gap of roughly ₦60 to ₦80 per dollar between the official NFEM rate and prevailing parallel-market rates.
Naira Performance
Recent data suggest that the naira has maintained relative strength in the official market. AbokiFX reported that the currency strengthened to ₦1,338.59/$ at the NFEM on Thursday, amid improved dollar liquidity and stronger external buffers.
However, parallel-market rates remained around ₦1,400/$, highlighting the continued difference between the official and unofficial markets.
NFEM trading activity also increased during the latest reported session. Data cited by AbokiFX showed total turnover rising by 16.43 percent to $1.06 billion, compared with $913.76 million previously, although the number of transactions declined.
In the parallel market, AbokiFX’s latest accessible Lagos data does not provide a fresh quote for August 31. The platform displays zeros for the latest listed session and directs users to its subscription service for current rates.
Dollar to Naira Today
For Nigerians buying or selling dollars, the actual exchange rate may vary depending on the bank, Bureau de Change operator, location, transaction size and market demand.
As of September 1, the indicative exchange-rate range is:
- Official NFEM: approximately ₦1,332–₦1,338 per $1
- Parallel market: approximately ₦1,390–₦1,415 per $1
- Estimated market gap: approximately ₦60–₦80 per dollar
Exchange rates can change throughout the day as demand, dollar liquidity and other market conditions shift.
