Dollar to Naira Today: Naira Holds Strong at N1,329 as Black-Market Rate Hits N1,395

The Nigerian naira remained relatively strong against the US dollar on Thursday, September 3, 2026, with the official exchange rate standing at N1,329.12 to the dollar, although the parallel market continued to operate at a much higher level.

Data from the Nigerian Foreign Exchange Market (NFEM) put the naira at approximately N1,329.12 per dollar on Thursday. The same figure was reflected by a live USD/NGN reference rate.

The Central Bank of Nigeria (CBN) explains that the NFEM exchange rate is based on the volume-weighted average of transactions conducted in the market and is recognised as the official exchange rate for the day.

Thursday’s rate came after the naira closed at N1,326.69 per dollar on Wednesday, a level described as a two-year high for the currency.

The naira’s recent performance has been attributed to better dollar liquidity, an increase in Nigeria’s external reserves and stronger inflows from formal remittance channels.

Despite the improvement in the official market, Nigerians seeking dollars outside the formal system continued to face higher rates.

Aboki Forex listed the parallel-market rate at N1,395 per dollar on Thursday. TalentBase, meanwhile, reported that the dollar was being bought at approximately N1,400 and sold at around N1,410 in major locations across the country.

Using the official NFEM rate of N1,329.12 and the parallel-market selling rate of N1,410, the difference between the two markets was about N81 per dollar. The actual gap may differ depending on the location and the direction of the transaction.

The disparity comes as the naira continues to record stronger gains in the official market. During August, the currency appreciated by 1.5 per cent in the NFEM, compared with just 0.06 per cent movement in the parallel market.

Meanwhile, Nigeria’s foreign-exchange buffers have continued to improve. The country’s external reserves increased to approximately $53.51 billion in August, while formal remittance inflows through international money transfer operators hit a record $947 million in July.

At Thursday’s official exchange rate, $100 would convert to approximately N132,912.

At the N1,395 parallel-market rate, however, the same $100 would be worth about N139,500.

Currency rates remain subject to change throughout the day, particularly in the parallel market. Buyers and sellers are advised to check the latest prevailing rate before completing any foreign-exchange transaction.

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