Naira's Exchange Rate Against the Dollar: September 9, 2026 Update
The naira is currently trading at ₦1,321.37 to the US dollar, while parallel market rates fluctuate between ₦1,385 and ₦1,410. As the Central Bank of Nigeria updates its rates, the disparity highlights ongoing challenges in the forex market.
The Abuja Times
The Nigerian naira is experiencing significant fluctuations against the US dollar, with the latest official exchange rate recorded at ₦1,321.37. This figure, however, is subject to variability as parallel market rates show a wider range, with quotes between ₦1,385 and ₦1,410 depending on the source and specific transaction.
According to the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) table, the last confirmed trading entry was on September 4, indicating an official rate of ₦1,321.2160 per dollar. However, the exchange rate for September 9 is regarded as the latest available rate rather than a confirmed closing figure from the CBN for that day.
With the current official rate, a conversion of $100 amounts to approximately ₦132,137, while $1,000 equals about ₦1,321,370. In contrast, those engaging in the parallel market may find themselves paying considerably more; for instance, NairaToday reports a buying rate of ₦1,385 and a selling rate of ₦1,410 per dollar.
“A person selling $100 could receive around ₦138,500 at the NairaToday buying quote, whereas purchasing the same amount could cost roughly ₦141,000 at the selling quote,” a market analyst noted.
The disparity between the official exchange rate and parallel market rates underscores the complexities within Nigeria's foreign exchange landscape. The difference of approximately ₦88.63 per dollar between these rates raises concerns about the accessibility of foreign currency for everyday transactions and the overall stability of the naira.
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