Naira Official Rate Edges Up to 1,329.80/$1; Parallel Market Near 1,389/$1

According to the latest available data for Tuesday, September 22, 2026, the Nigerian naira was trading at 1,329.80 against the US dollar in the official market, while the parallel market quoted roughly 1,389 per dollar. Data from the Central Bank of Nigeria (CBN) shows the official figure reflects the Nigerian Foreign Exchange Market's (NFEM) most recent closing level on Monday, September 21. The rate marks a slight gain for the naira compared with the previous NFEM close of 1,331.20 per dollar. In the unofficial market, the dollar remained more expensive. Monday market indications put the selling rate at about 1,389, with dealers buying at approximately 1,381. Because the parallel market has separate buying and selling levels, a person exchanging dollars may pay or receive a different amount. For instance, buying $1,000 would cost about 1.389 million naira at the reported selling rate. Selling $1,000 at the 1,381 buying rate would yield about 1.381 million naira. Based on the latest numbers, the parallel-market selling rate is around 59.20 naira higher per dollar than the NFEM rate. This gap reflects differing pricing conditions between Nigeria's formal and informal foreign exchange markets. Rates can move during the day as demand for dollars, supply levels, foreign currency inflows and import-related transactions change. Monetary policy developments may also influence market conditions.