The naira traded at different levels against the United States dollar on Tuesday, September 22, 2026, as Nigerians continued to monitor movements in the foreign exchange market.
Latest available data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at ₦1,329.80 per dollar on Monday, September 21.
The figure represents an appreciation from the previous official-market rate of ₦1,331.20 per dollar, meaning the Nigerian currency strengthened by ₦1.40 against the dollar.
The NFEM rate is the volume-weighted average exchange rate obtained from transactions conducted in Nigeria’s formal foreign exchange market and serves as the official benchmark for the naira.
Dollar to Naira Exchange Rate Today
Outside the official foreign exchange market, the dollar was quoted at around ₦1,389 on Monday, while the reported buying rate stood at approximately ₦1,381 per dollar.
Rates available to individual customers may, however, differ depending on location, transaction size, dollar availability, demand and the dealer handling the exchange.
Market| Buying Rate| Selling/Reference Rate
Nigerian Foreign Exchange Market| —| ₦1,329.80/$
Other market dealers| About ₦1,381/$| About ₦1,389/$
How Much Is $100 in Naira Today?
Using the reported selling rate of about ₦1,389 per dollar, anyone looking to purchase $100 would need approximately ₦138,900.
At the same rate, $500 would cost about ₦694,500, while a buyer seeking $1,000 would require approximately ₦1.389 million.
A purchase of $2,000 at the same quoted rate would cost about ₦2.778 million.
These calculations are estimates based on the reported selling rate. The actual amount paid may differ depending on the dealer, location and prevailing market conditions at the time of the transaction.
For those selling dollars, the reported buying rate of around ₦1,381 means $100 could return approximately ₦138,100, while $1,000 could fetch about ₦1.381 million.
Gap Between Exchange Rates
A difference remains between the latest Nigerian Foreign Exchange Market benchmark and rates quoted by other currency dealers.
Comparing the NFEM rate of ₦1,329.80 with the reported selling rate of ₦1,389 gives a difference of approximately ₦59.20 for every dollar.
This means the dollar was quoted about ₦59.20 higher outside the official foreign exchange market than the latest confirmed NFEM benchmark.
The difference between both rates can change as conditions in the foreign exchange market shift. Dollar supply, demand from individuals and businesses, foreign currency inflows, location and transaction size can all affect the rates available to customers.
The latest official data also indicate an improvement in the value of the naira. The currency moved from ₦1,331.20 per dollar in the previous session to ₦1,329.80 at the close of trading on Monday.
That represents a gain of ₦1.40 per dollar between the two official-market rates.
Market participants will continue to watch foreign exchange inflows, dollar liquidity, import-related demand and monetary policy developments for indications of the naira’s direction.
Naira Closes At ₦1,329.80 At NFEM
The latest confirmed NFEM figure placed the naira at ₦1,329.80 per dollar, strengthening from the previous session’s ₦1,331.20.
Foreign exchange rates can change during the trading day as the availability of dollars and demand from buyers fluctuate.
Businesses, importers, travellers, students and other Nigerians seeking foreign currency may therefore receive rates different from the reference figures available earlier in the day.
As of Tuesday, September 22, 2026, the latest confirmed official-market figure stood at ₦1,329.80 per dollar, while other currency dealers quoted the dollar at around ₦1,389 for buyers and approximately ₦1,381 for sellers.
Note: Foreign exchange rates can change during the day and may vary according to market conditions, location, transaction size, dollar availability and individual dealers. The figures above are indicative rates based on information available at the time of publication and should not be treated as fixed prices.
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