The naira is trading at different rates against the US dollar in Nigeria, depending on whether the transaction is carried out through the official foreign exchange market or the parallel market.
Available figures for Friday, September 4, 2026, show the official exchange rate at about ₦1,323.21 to $1.
In the parallel market, dealers are quoting the dollar at around ₦1,400 for buying and ₦1,410 for selling.
The official rate reflects the latest live reading available, while the parallel-market figures represent the latest dealer quotes and may differ from one location to another.
Official Dollar to Naira Rate
The Nigerian Foreign Exchange Market, known as NFEM, uses a volume-weighted average of transactions carried out in the official market to determine its rate.
Data published by the Central Bank of Nigeria showed an NFEM rate of ₦1,326.6862 per dollar on September 2, 2026.
However, the latest available live reading for Friday placed the dollar at about ₦1,323.21.
The rate is not fixed and could change as more transactions take place in the market throughout the day.
Parallel Market Dollar Rate
The parallel market continues to record a higher dollar price than the official market.
Current available quotes put the buying rate at approximately ₦1,400 per dollar, while the selling rate is around ₦1,410.
This means anyone buying $100 at the selling rate would need about ₦141,000.
For $1,000, the same rate would amount to approximately ₦1.41 million.
However, actual rates can vary depending on the dealer, location and amount involved in the transaction.
Gap Between Official and Parallel Rates
There is currently a difference of about ₦86.79 per dollar between the official rate of ₦1,323.21 and the parallel-market selling rate of ₦1,410.
The gap is influenced by differences in how the two markets operate, as well as changes in dollar supply, demand and liquidity.
Parallel-market prices can also move faster than official rates and may differ from one dealer to another.
What Could Happen to the Naira?
The direction of the naira will depend largely on the availability of dollars, demand for foreign currency and conditions in the official forex market.
Changes in dollar supply and demand could push the exchange rate higher or lower during the day.
For people planning to buy or sell foreign currency, it is important to confirm the current rate before completing a transaction.
Banks and licensed Bureau de Change operators may offer different rates, so customers should check the prevailing quote directly before exchanging their money.
Dollar to Naira Rate Summary — September 4, 2026
- Official rate: About ₦1,323.21/$1
- Parallel-market buying rate: About ₦1,400/$1
- Parallel-market selling rate: About ₦1,410/$1
- Official rate on September 2: ₦1,326.6862/$1
- Estimated official-to-parallel selling gap: ₦86.79/$1
Exchange rates can change during the day and may vary among banks, Bureau de Change operators and other currency dealers.
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