Introduction

The Nigerian naira's performance against the US dollar on September 22, 2026, drew attention across official and parallel foreign exchange markets, where rate differentials continue to influence business decisions, travel budgets, and household spending across the country.

What Happened

According to data released by the Central Bank of Nigeria, the official Nigerian Foreign Exchange Market (NFEM) rate closed at ₦1,329.80 per dollar on Monday, September 21, representing a slight improvement from the previous session's ₦1,331.20. This figure serves as the volume-weighted average for formal forex transactions in the formal market.

In the parallel market, commonly referred to as the black market, the dollar was quoted at approximately ₦1,389 for selling and ₦1,381 for buying. This means a $1,000 purchase would cost roughly ₦1.389 million, while selling $1,000 would yield about ₦1.381 million, depending on the dealer and location.

The spread between the official NFEM rate of ₦1,329.80 and the parallel-market selling rate of ₦1,389 amounted to approximately ₦59.20 per dollar. Parallel-market rates are subject to intraday fluctuations, while the NFEM rate reflects official-market transactions and serves as the benchmark for formal forex activities.

Why This Matters

For businesses importing goods, the parallel market rate often determines real-world costs when official forex allocations are insufficient. Travelers, investors, and remittance senders also monitor these figures, as the nearly ₦60 per dollar gap affects purchasing power, inflation expectations, and daily financial planning.

Forex dynamics are shaped by dollar supply and demand, foreign exchange inflows, import-related demand, and recent monetary policy adjustments from the CBN. Keeping track of both official and parallel rates helps stakeholders anticipate cost changes and make informed decisions in a fluctuating currency environment.

Key Takeaways

  • The official NFEM rate stood at ₦1,329.80 per dollar, while the parallel market hovered around ₦1,389 (selling) and ₦1,381 (buying) on September 22, 2026.
  • The difference between the two markets was roughly ₦59.20 per dollar, highlighting the persistent premium in the parallel segment.
  • Rate movements are driven by forex supply, demand, CBN policy decisions, and global dollar flows affecting liquidity.
  • Actual transaction rates may vary by bank, Bureau de Change operator, transaction size, location, and time of day.
  • Monitoring both official and parallel rates provides the clearest picture of Nigeria's foreign exchange environment for businesses and individuals alike.

Conclusion

On September 22, 2026, the naira traded at a significant premium in the parallel market compared to the official window, a pattern that continues to shape Nigeria's forex landscape. Staying informed through CBN releases and transacting through licensed dealers remains the best way to secure favorable rates for personal or business needs. As dollar availability and policy developments evolve, rate movements are expected to shift throughout the coming week.