The naira strengthened further on Thursday, September 3, 2026, as the latest exchange-rate figures showed the currency trading at about ₦1,329 per dollar in Nigeria’s official foreign exchange market.
The latest figures showed the official rate remaining below parallel-market quotations, although the naira has continued to record gains in the formal market.
Official dollar to naira rate
The US dollar was quoted at approximately ₦1,329.12 at the Nigerian Foreign Exchange Market (NFEM) on Thursday, based on the latest available data.
The naira had closed at about ₦1,326.69 per dollar on Wednesday, making the latest movement an extension of its recent appreciation and keeping the currency around its strongest level in roughly two years.
The NFEM rate is calculated using the volume-weighted average of transactions carried out in Nigeria’s official foreign exchange market.
At the latest official rate, $1 was worth approximately ₦1,329.12, while $100 was equivalent to about ₦132,912.
Parallel market dollar rate
The dollar continued to command a higher rate in Nigeria’s parallel foreign exchange market on Thursday.
Aboki Forex quoted the dollar at around ₦1,395, while NairaToday reported a buying rate of approximately ₦1,400 and a selling rate of about ₦1,410.
Based on the reported figures, the difference between the official NFEM rate of about ₦1,329 and the parallel-market selling rate of ₦1,410 was roughly ₦81 per dollar.
The gap reflects differences in dollar supply, demand, access to foreign currency and transaction conditions across the various segments of the market.
Why the naira is gaining
The naira’s recent improvement has come alongside stronger foreign exchange liquidity and an increase in Nigeria’s external reserves.
The country’s foreign exchange reserves rose to approximately $53.51 billion in August, representing their highest level in more than a decade.
Trading activity in the official foreign exchange market has also increased, with turnover reaching about $14.68 billion in August, according to data cited by BusinessDay.
Improved formal remittance inflows have also contributed to the increased availability of foreign currency.
The developments mark a notable change from the severe foreign exchange pressures that weighed on the naira in previous years.
What could happen to the naira?
A sustained recovery in the naira could reduce some of the foreign exchange pressures faced by businesses that rely on imported raw materials, equipment and finished goods.
A stronger currency may also reduce the naira cost of dollar-denominated obligations and imported products.
However, the effect on prices will depend on how quickly businesses reflect changes in exchange rates in their operating and import costs.
For individuals and companies that need dollars for international travel, education, imports and other foreign payments, the difference between official and parallel-market rates remains important.
What Nigerians should know
Exchange rates published by market trackers should be regarded as indications rather than guaranteed rates for every transaction.
Banks, Bureau De Change operators and other foreign exchange dealers may quote different prices depending on the transaction, availability of dollars and prevailing market conditions.
Anyone planning to buy or sell foreign currency should confirm the applicable rate before completing a transaction.
The rates can also change during the day as activity in the foreign exchange market continues.
Dollar to Naira Rate Summary — September 3, 2026
- Official NFEM rate: About ₦1,329.12/$
- Parallel-market rate: About ₦1,395–₦1,410/$
- Previous official close: About ₦1,326.69/$
- Official market trend: Naira continues to strengthen
- Market status: Rates remain subject to movement during the day
Note: Exchange rates can change throughout the day and may vary among banks, Bureau De Change operators and other foreign exchange dealers.
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