GistReel
The naira traded at N1,323.21 against the United States dollar in Nigeria’s official foreign exchange market on Thursday, September 4, while the dollar sold for about N1,410 in the parallel market.
The latest figures highlight the continued difference between rates offered in the official and parallel currency markets, with the gap standing at N86.79 per dollar.
Naira strengthens in official market
The latest live reading from the Nigerian Foreign Exchange Market (NFEM) showed the naira exchanging at approximately N1,323.21 per dollar.
This represents an improvement from the N1,326.6862 per dollar rate published by the Central Bank of Nigeria for September 2, 2026.
The official exchange rate is determined through a volume-weighted average of transactions completed in the Nigerian Foreign Exchange Market. However, the rate may fluctuate as trading continues.
Dollar sells at N1,410 in parallel market
Meanwhile, currency dealers in the parallel market quoted the dollar at around N1,400 for buying and N1,410 for selling.
This means someone seeking to purchase $100 at the prevailing selling rate would need approximately N141,000. Similarly, $1,000 would cost around N1.41 million.
Parallel market prices can vary across locations and dealers, depending on the volume of transactions and the availability of foreign currency.
N86.79 gap between both markets
A comparison of the latest rates shows a difference of approximately N86.79 between the official exchange rate and the parallel market selling price.
The gap reflects differences in liquidity and the demand for foreign exchange across both markets.
The naira’s movement in the coming days will depend largely on dollar supply, market demand and foreign exchange liquidity.
Exchange rates, particularly in the parallel market, can change within hours. Buyers and sellers are therefore advised to confirm prevailing prices before carrying out transactions.