The naira traded at different levels against the United States dollar on Wednesday, September 23, 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 ₦1,327.78 per dollar on Tuesday, September 22.
The figure represents an appreciation from Monday’s official-market rate of ₦1,329.80 per dollar, meaning the Nigerian currency strengthened by ₦2.02 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 an important 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 Tuesday, easing slightly from about ₦1,390 recorded in the previous session.
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 | — | ₦1,327.78/$ |
| Other market dealers | — | About ₦1,389/$ |
How Much Is $100 in Naira Today?
Using the reported 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 rate. The actual amount paid may differ depending on the dealer, location, dollar availability and prevailing market conditions at the time of the transaction.
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 ₦1,327.78 with the reported rate of ₦1,389 gives a difference of approximately ₦61.22 for every dollar.
This means the dollar was quoted about ₦61.22 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 indicate that the naira extended its appreciation against the dollar. The currency moved from ₦1,329.80 per dollar on Monday to ₦1,327.78 at the close of trading on Tuesday.
That represents a gain of ₦2.02 per dollar between the two official-market rates.
Market participants will continue to monitor foreign exchange inflows, dollar liquidity, import-related demand and monetary policy developments for indications of the naira’s direction.
Naira Closes At ₦1,327.78 At NFEM
The latest confirmed NFEM figure placed the naira at ₦1,327.78 per dollar, strengthening from the previous session’s ₦1,329.80.
The improvement means the naira has gained ₦3.42 against the dollar across the two latest sessions, moving from ₦1,331.20 on Friday to ₦1,329.80 on Monday and then ₦1,327.78 on Tuesday.
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 Wednesday, September 23, 2026, the latest confirmed official-market figure stood at ₦1,327.78 per dollar, while the dollar was quoted at around ₦1,389 outside the official market.
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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