The naira strengthened against the United States dollar in the parallel market on Tuesday, September 15, 2026, even as the local currency weakened marginally in the official foreign exchange market.
Key Highlights
- Naira trades at ₦1,329.50/$ in the official market.
- Parallel-market rate improves to ₦1,380/$ from ₦1,390/$.
- Official and parallel-market exchange-rate gap narrows to ₦50.50/$.
- NFEM turnover jumps 177.6 per cent to $262.12 million.
- $1,000 exchanges for about ₦1.33 million officially and ₦1.38 million in the parallel market.
Naira Gains in Parallel Market
The naira closed at ₦1,329.50 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,329/$ recorded on Monday.
Data from the Central Bank of Nigeria showed that the movement represented a 50-kobo depreciation in the official market.
In the parallel market, however, the naira appreciated to ₦1,380/$ from ₦1,390/$ on Monday.
The divergent movements resulted in a narrower exchange-rate gap between the two market segments.
The difference stood at ₦50.50 per dollar on Tuesday, compared with ₦61/$ recorded the previous day.
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Forex Turnover Rises Sharply
The exchange-rate movement coincided with a significant increase in foreign-exchange transactions in the official market.
According to CBN data, interbank turnover at the NFEM rose by 177.6 per cent to $262.12 million, up from $94.4 million recorded on Monday.
The figures indicate that the dollar remained more expensive in the parallel market than in the official market, although the difference between the two rates continued to narrow.
What the Rates Mean for Nigerians
At the reported rates, $100 was equivalent to approximately ₦132,950 at the official rate and ₦138,000 in the parallel market.
Similarly, $500 exchanged for about ₦664,750 officially and ₦690,000 in the parallel market, while $1,000 was worth approximately ₦1.33 million officially and ₦1.38 million in the parallel market.
The naira-dollar exchange rate remains important to businesses, importers, travellers and consumers because movements in the value of the local currency can influence the cost of imported goods and services. The Central Bank of Nigeria publishes daily rate data on its official exchange rate portal.
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