Naira Holds Near ₦1,330 as Official and Parallel Market Gap Narrows
The naira has remained relatively stable against the US dollar in early September 2026, with the currency trading between about ₦1,329 and ₦1,364 on the official Nigerian Foreign Exchange Market and between approximately ₦1,390 and ₦1,410 in the parallel market.
On September 11, the naira was reported at ₦1,329.44 on the official market and around ₦1,380 on average in the parallel market, while some sellers offered the dollar at approximately ₦1,390.
The difference between the official and parallel rates represents a much narrower gap than the large disparities that characterised parts of Nigeria’s foreign exchange market during periods of severe volatility.
The Central Bank of Nigeria calculates the NFEM rate using a volume-weighted average of transactions carried out in the foreign exchange market and publishes the resulting figure as the official exchange rate.
Analysts have linked the recent relative stability of the naira to several factors, including improved dollar liquidity, higher external reserves and stronger formal remittance inflows.
Nigeria’s external reserves reportedly rose to about $53.51 billion in August, while remittance inflows through licensed international money transfer operators reached a reported $947 million in July.
The developments have helped provide greater support for the currency compared with the prolonged volatility experienced during 2024 and much of 2025.
However, the narrowing gap between the official and parallel markets does not mean that all businesses can easily access dollars at the official rate.
Importers and other businesses continue to face challenges obtaining foreign currency, particularly when demand is high or when official market liquidity does not meet their requirements.
The Central Bank has also maintained a relatively tight monetary policy stance during 2026 as authorities attempt to control inflation and support the naira.
For consumers and businesses, the longer-term importance of the currency’s current stability will depend on whether it can be sustained and whether improvements in the foreign exchange market eventually translate into lower import costs and reduced pressure on prices.
