The dollar-to-naira exchange rate remained under close watch on Wednesday, September 2, 2026, as the naira traded at different levels across Nigeria’s official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the latest available data from the Central Bank of Nigeria showed the naira at N1,329.43 to the US dollar on September 1, with the currency closing at N1,329.00 per dollar. The NFEM rate is based on the volume-weighted average of transactions conducted in the official foreign exchange market.
Based on the latest official benchmark, $1 was worth about N1,329.43, while $100 was equivalent to approximately N132,943.
In the parallel market, however, the dollar continued to trade above the official NFEM rate.
Live data published by Aboki Forex on September 2 showed the dollar buying at around N1,400 and selling at N1,405. Meanwhile, another market tracker, NairaToday, quoted the parallel-market rate at about N1,410 per dollar.
The differing parallel-market quotations highlight the variations that can occur among dealers and locations, where rates are largely influenced by supply and demand.
The gap between the official NFEM benchmark and parallel-market rates reflects the difference between foreign exchange transactions conducted through the formal market and those taking place outside the regulated banking system.
For Nigerians buying or selling foreign currency, the rate ultimately available may vary depending on the dealer, location, transaction size and prevailing market conditions. Parallel-market rates can also fluctuate several times throughout the day.
As of September 2, the latest official NFEM benchmark stood at about N1,329.43 per dollar, while parallel-market quotations ranged from approximately N1,400 to N1,410 per dollar.
The exchange rates remain subject to further movement as foreign exchange trading continues during the day.
