The naira continued to strengthen against the US dollar on Thursday, September 3, 2026, trading at around ₦1,329 per dollar in the official market, while the parallel market remained significantly higher.
The latest available Nigerian Foreign Exchange Market (NFEM) data put the official exchange rate at ₦1,329.12 to $1 as of September 3. A live USD/NGN reference rate also showed the dollar at ₦1,329.12. According to the Central Bank of Nigeria (CBN), the NFEM rate is calculated using the volume-weighted average of transactions and serves as the official exchange rate for the day.
The latest movement follows Wednesday’s close of ₦1,326.69 per dollar, which marked a two-year high for the naira. The currency’s recent gains have been supported by improved dollar liquidity, stronger external reserves and rising formal remittance inflows.
The parallel market, however, continued to price the dollar at a significantly higher level. Aboki Forex quoted the black-market rate at ₦1,395 per dollar on September 3, while another market tracker, TalentBase, reported buying and selling rates of about ₦1,400 and ₦1,410, respectively, across major Nigerian locations.
Based on the ₦1,395 parallel-market rate, the gap between the official NFEM rate and the parallel market stood at about ₦66 per dollar. Using the ₦1,410 selling rate reported by TalentBase, the difference widens to roughly ₦81 per dollar. The exact premium varies by location and whether dollars are being bought or sold.
The divergence between the two markets persists despite the naira’s stronger performance in the official market. The currency appreciated by 1.5 per cent against the dollar in the NFEM during August, compared with a much smaller 0.06 per cent movement in the parallel market.
Nigeria’s broader foreign-exchange position has also improved in recent months. External reserves rose to about $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.
At the official NFEM rate of ₦1,329.12 per dollar, $100 is worth approximately ₦132,912. At the parallel-market rate of ₦1,395, the same $100 would fetch about N139,500.
Exchange rates, particularly in the parallel market, can fluctuate throughout the day. Buyers and sellers should therefore confirm the prevailing rate immediately before completing a transaction.
