GistReel
The dollar opened the new trading week at about ₦1,327.16 on Monday, September 28, 2026, based on the latest indicative rate from Nigeria’s official foreign exchange market.
Trading activity in the Nigerian Foreign Exchange Market (NFEM) is being closely watched as market participants assess movements in the naira against the US dollar, alongside developments in the parallel market.
Official market rate
The NFEM rate represents transactions conducted through Nigeria’s formal foreign exchange market.
The Central Bank of Nigeria (CBN) uses a volume-weighted average of eligible transactions to determine the official exchange rate.
The final closing rate for Monday will depend on the volume and value of transactions recorded during the trading session.
Parallel market remains under review
The latest available parallel-market quotation places the dollar at around ₦1,385, according to BusinessDay, which reported that the rate remained relatively stable during the previous week.
However, the Monday parallel-market rate had yet to be independently confirmed at the time of reporting.
Rates outside the official market can vary between locations and dealers, with changes influenced by the availability of dollars, demand from buyers and the rates offered by individual Bureau de Change operators.
Naira enters new week broadly stable
The naira ended the previous trading week without major movement across the official and parallel foreign exchange markets, with improved external reserves providing some support to market conditions.
Both the NFEM closing rate and parallel-market quotations could change during Monday’s trading session as fresh transactions are recorded and market conditions evolve.