The naira began the new month with a relatively firm position at the official foreign exchange market, although available market rates continue to show a difference between formal and other dollar trading channels.
The latest confirmed Nigerian Foreign Exchange Market (NFEM) data put the dollar at about ₦1,332.44 on Monday, August 31, providing the most recent official benchmark for Tuesday, September 1.
Official dollar to naira rate
The latest available NFEM figure showed the naira trading at approximately ₦1,332.44 to the dollar.
The Central Bank of Nigeria (CBN) recognises the NFEM rate as the official exchange rate for the trading day. It is calculated using the volume-weighted average of eligible transactions conducted in the formal foreign exchange market.
Recent trading data have pointed to relative stability in the official market, with the naira also quoted at ₦1,338.59/$ in an earlier reported session.
The movement has come amid indications of improved dollar liquidity and stronger external buffers, factors that can help ease pressure on the local currency.
Latest dollar market indication
Available market checks showed the dollar trading at approximately ₦1,390 to ₦1,405 in other parts of the foreign exchange market, depending on the direction and terms of the transaction.
NgnRates quoted the dollar at ₦1,390 for buying and ₦1,405 for selling.
Other market trackers placed the rate within a similar range, although actual quotations may differ according to location, demand, available dollar supply and transaction size.
Dollar to naira rates at a glance
| Market | Latest available rate |
|---|---|
| Official NFEM | About ₦1,332.44/$ |
| Earlier NFEM indication | ₦1,338.59/$ |
| Other market indications | About ₦1,390–₦1,405/$ |
Rates are based on the latest available market information and may change as trading conditions evolve.
Recent naira performance
The naira’s recent performance at the official market has been relatively steady, with increased activity recorded during the latest reported trading session.
Data cited by AbokiFX showed that NFEM turnover rose by 16.43 per cent to $1.06 billion from $913.76 million.
However, the increase in total turnover came alongside a decline in the number of deals recorded during the session.
The combination of stronger market activity and improved dollar liquidity has provided some support for the naira at the official window.
Why dollar rates may differ
Exchange rates quoted to customers can vary from one financial institution or foreign exchange provider to another.
Factors such as available dollar liquidity, demand, transaction volume and location can influence the price offered at a particular time.
This means the rate available to an individual buying or selling dollars may not always be identical to the published market benchmark.
What Nigerians should know
Anyone planning to purchase or sell dollars on Tuesday should confirm the prevailing rate with their bank or authorised foreign exchange provider before completing a transaction.
The naira-dollar rate can change during the day as supply and demand conditions shift.
For September 1, 2026, the latest available figures indicate that the official NFEM benchmark remains around ₦1,332–₦1,338 per dollar, while other market quotations are higher.
These figures are indicative and should not be treated as fixed rates for every transaction.
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