The naira continued its recent appreciation against the US dollar on Thursday, September 3, 2026, trading at about N1,329 per dollar in the official market, while the parallel market recorded a considerably higher rate.
The latest available data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate at approximately N1,329.12 to $1 on September 3. A live USD/NGN reference rate also placed the dollar at N1,329.12.
The Central Bank of Nigeria (CBN) explained that 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 in the official market came after the naira reportedly closed at N1,326.69 per dollar on Wednesday, its strongest level in two years.
The naira’s recent gains have been attributed to improved dollar liquidity, rising external reserves and increased formal remittance inflows.
However, the dollar remained more expensive in the parallel market. Aboki Forex quoted the black-market rate at N1,395 per dollar on September 3.
Another market tracker, TalentBase, put the buying rate at around N1,400 and the selling rate at N1,410 in major locations across Nigeria.
Based on these figures, the difference between the official NFEM rate and the parallel-market selling rate stood at approximately N81 per dollar, although the exact gap varies depending on location and whether dollars are being bought or sold.
The difference between the two markets has persisted despite the naira’s recent improvement in the official market. The currency appreciated by 1.5 per cent in the NFEM during August, while the movement in the parallel market was significantly smaller at 0.06 per cent.
Nigeria’s foreign exchange position has also strengthened in recent months. External reserves increased to about $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.
For Nigerians seeking to convert dollars on Thursday, $100 would be worth approximately N132,912 at the official rate of N1,329.12 per dollar.
At the parallel-market rate of N1,395 per dollar, the same $100 would be exchanged for about N139,500.
Exchange rates, particularly those in the parallel market, can fluctuate during the day. Buyers and sellers are therefore advised to confirm the prevailing rate immediately before completing any transaction.