The naira entered Thursday, September 24, 2026, on a stronger footing against the United States dollar following gains recorded in the latest foreign exchange market figures.
Latest available data from the Nigerian Foreign Exchange Market (NFEM) placed the naira at about ₦1,328 per dollar, compared with ₦1,331 recorded on Tuesday.
The movement represents an appreciation of ₦3 for the Nigerian currency against the dollar in the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).
The NFEM rate reflects transactions carried out in Nigeria’s formal foreign exchange market and provides an important benchmark for the value of the naira against the dollar.
Dollar to Naira Exchange Rate Today, Thursday, September 24, 2026
Outside the official foreign exchange market, the naira also strengthened on Wednesday, with the dollar quoted at around ₦1,375.
The latest rate represents an improvement from about ₦1,383 recorded on Tuesday, meaning the naira gained approximately ₦8 against the dollar.
Rates offered to individual customers may, however, differ depending on location, transaction size, dollar availability, demand and the dealer handling the transaction.
| Market | Buying Rate | Selling/Reference Rate |
|---|---|---|
| Nigerian Foreign Exchange Market | — | About ₦1,328/$ |
| Other market dealers | — | About ₦1,375/$ |
How Much Is $100 in Naira Today?
Using the reported rate of about ₦1,375 per dollar outside the official market, anyone looking to purchase $100 would need approximately ₦137,500.
At the same rate, $500 would cost about ₦687,500, while a buyer seeking $1,000 would require approximately ₦1.375 million.
A purchase of $2,000 at the same quoted rate would cost about ₦2.75 million.
These calculations are estimates based on the reported rate. The actual amount paid may differ depending on the dealer, location, availability of dollars and prevailing foreign exchange conditions at the time of the transaction.
Gap Between Exchange Rates
A difference remains between the latest Nigerian Foreign Exchange Market benchmark and the rate quoted by other currency dealers.
Comparing the NFEM rate of about ₦1,328 with the reported rate of ₦1,375 gives a difference of approximately ₦47 for every dollar.
This means the dollar was quoted about ₦47 higher outside the official foreign exchange market than the latest available NFEM benchmark.
The gap 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 figures show that the naira strengthened in both segments of the foreign exchange market. At the NFEM, the currency improved from ₦1,331 to about ₦1,328 per dollar, representing a gain of ₦3.
Outside the official market, the naira moved from about ₦1,383 per dollar on Tuesday to approximately ₦1,375 on Wednesday, representing an appreciation of ₦8.
NFEM Turnover Rises To $279.2 Million
Activity in the official foreign exchange market also increased significantly during the period under review.
NFEM turnover rose by 181.5 per cent to $279.2 million from $99.2 million previously, indicating a sharp increase in the value of transactions conducted in the market.
Nigeria’s external reserves, meanwhile, stood at $54.674 billion as of September 17, providing additional foreign exchange liquidity for the economy.
Market participants will continue to watch dollar supply, foreign currency inflows, import-related demand, external reserves and other developments that could influence the naira.
Naira Strengthens Against Dollar Ahead Of Thursday Trading
The latest available NFEM figure placed the naira at approximately ₦1,328 per dollar, compared with ₦1,331 previously.
The movement represents an appreciation of about ₦3 for the Nigerian currency in the official foreign exchange market.
The naira also recorded a stronger performance outside the official market, where the dollar was quoted at around ₦1,375 on Wednesday, compared with approximately ₦1,383 on Tuesday.
Foreign exchange rates can change during the trading day as demand and the availability of dollars fluctuate.
Businesses, importers, travellers, students and other Nigerians seeking foreign currency may therefore receive rates that differ from the general market figures.
As of Thursday, September 24, 2026, the latest available figures put the dollar at approximately ₦1,328 at the NFEM, while the most recent rate quoted outside the official market stood at about ₦1,375.
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 based on the latest available market information.
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