The naira is trading at different levels against the US dollar in Nigeria, with the rate depending on whether the transaction takes place in the official or parallel foreign exchange market.
Available figures for Tuesday, September 8, 2026, put the indicative official exchange rate at about ₦1,321.68 to $1.
In the parallel market, the dollar is being bought at around ₦1,395 and sold for approximately ₦1,405.
The two markets operate differently, and their rates can change as demand and supply conditions shift. Parallel-market rates may also differ depending on the dealer, location and amount involved.
Official Dollar to Naira Rate
The Nigerian Foreign Exchange Market, known as NFEM, is the platform used for transactions in the official foreign exchange market. Its exchange rate is based on transactions carried out in the market.
The Central Bank of Nigeria published NFEM table lists September 4, 2026, as the latest dated entry, with the official rate recorded at ₦1,321.2160 per dollar.
However, the latest available figure for Tuesday, September 8, puts the dollar at about ₦1,321.68.
The figure should be treated as an indicative rate rather than a confirmed CBN closing rate if there is no corresponding dated entry in the central bank published NFEM table.
The official rate can change as more foreign exchange transactions are recorded.
Parallel Market Dollar Rate
The dollar is trading above the official rate in the parallel market.
Available market figures show that dealers are buying the dollar at about ₦1,395, while the selling rate is around ₦1,405.
At the reported selling rate, a person buying $100 would need approximately ₦140,500.
For $1,000, the same rate would put the cost at about ₦1.405 million.
However, the actual amount paid may be different. Parallel-market rates are not fixed and can vary based on the dealer, location and size of the transaction.
Difference Between Official and Parallel Rates
There is a difference of about ₦83.32 per dollar between the indicative official rate of ₦1,321.68 and the parallel-market selling rate of ₦1,405.
The gap reflects the different conditions under which the two markets operate. Dollar supply, demand and market liquidity can all influence the rates.
Parallel-market prices may also change more quickly when demand for dollars rises or available supply falls.
What Could Happen to the Naira?
The direction of the naira will continue to depend on developments in the foreign exchange market.
The availability of dollars, demand for foreign currency and the level of liquidity in the market could influence the value of the naira.
Changes in these factors may cause the local currency to strengthen or weaken against the dollar.
The exchange rate remains important to businesses, importers, travellers and Nigerians who receive or make payments in foreign currencies.
Anyone planning to buy or sell dollars should confirm the prevailing rate before completing a transaction.
Banks and licensed Bureau De Change operators may quote different rates, so customers should check the current rate directly before exchanging their money.
Dollar to Naira Rate Summary — September 8, 2026
Official indicative rate: About ₦1,321.68/$1
Parallel-market buying rate: About ₦1,395/$1
Parallel-market selling rate: About ₦1,405/$1
Latest dated CBN NFEM rate: ₦1,321.2160/$1 on September 4
Estimated official-to-parallel selling gap: ₦83.32/$1
Note: Exchange rates can change during the day and may vary among banks, Bureau de Change operators and other currency dealers.
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