The dollar-to-naira exchange rate opened the new week with the naira trading at about ₦1,321.68 per US dollar at the official rate, while the parallel market quoted the dollar at ₦1,390 for buying and ₦1,400 for selling, according to available market data.
The latest available NFEM figure for September 7 puts the official exchange rate at ₦1,321.68 per dollar. However, the Central Bank of Nigeria’s published NFEM table lists September 4 as the latest dated trading entry, with a rate of ₦1,321.2160 per dollar. As a result, the September 7 figure is best treated as the latest available indicative rate rather than a confirmed CBN trading close.
In the parallel market, Aboki Forex reported a buying rate of ₦1,390 and a selling rate of ₦1,400 per dollar. In practical terms, someone selling $1 could receive about ₦1,390, while someone buying $1 could pay approximately ₦1,400. Actual rates may vary depending on the dealer, location and transaction size.
The gap between the indicative official rate and the parallel-market selling rate is about ₦78.32 per dollar. At the indicative official rate, $100 would be worth approximately ₦132,168, while purchasing $100 at the parallel-market selling rate would cost about ₦140,000.
The naira’s performance remains closely watched by importers, businesses, travellers and Nigerians sending or receiving foreign currency. However, the parallel market operates separately from the regulated official market, meaning the two rates should not be treated as interchangeable.
Exchange rates can change throughout the day. Anyone planning to buy or sell foreign currency should therefore confirm the latest quote with a bank, licensed Bureau de Change or trusted dealer before completing a transaction.
