The Nigerian naira recorded a marginal improvement against the United States dollar at the official foreign exchange market on Monday, September 7, 2026, as the local currency continued to trade around the ₦1,320/$ mark.
Data published by the Central Bank of Nigeria (CBN) showed that the naira was quoted at ₦1,320.5574 to the US dollar at the official market on Monday.
The latest figure represents a slight appreciation compared with the ₦1,321.2160/$ recorded in the previous official market data. The CBN describes its NFEM rate as the official exchange rate for the day, with the rate derived using a volume-weighted average.
At the parallel market, commonly referred to as the black market, the naira was reported to have closed at around ₦1,400 per dollar on Monday.
The difference between the official and parallel market rates means that Nigerians buying or selling foreign currency may encounter different rates depending on the platform or dealer involved.
Commercial banks, Bureau de Change (BDC) operators and other authorised foreign exchange dealers may quote rates that differ from the official reference rate because of their transaction margins, liquidity conditions and the prevailing level of demand and supply.
Naira-dollar market remains closely watched
The latest movement comes as market participants continue to monitor developments in Nigeria’s foreign exchange market, particularly dollar supply, foreign exchange inflows and demand from businesses and individuals.
The naira’s performance against the dollar remains important to the wider Nigerian economy because movements in the exchange rate can influence the cost of imported goods, production expenses, transportation and other consumer prices.
A sustained improvement in dollar liquidity could help reduce pressure on the naira, while increased demand for foreign currency without a corresponding rise in supply could put renewed pressure on the local currency.
For now, attention remains focused on whether the naira can maintain its recent stability at the official market and whether the gap between the official and parallel-market rates will narrow further.
Dollar to Naira exchange rate summary:
- CBN/Official rate: ₦1,320.5574/$
- Previous official rate: ₦1,321.2160/$
- Parallel market rate: About ₦1,400/$
- Date of official rate: Monday, September 7, 2026
Exchange rates can change throughout the day, and actual buying or selling rates may vary between financial institutions and foreign exchange dealers.
