Introduction

The Nigerian naira opened the new trading week with relative stability against the US dollar, as foreign exchange markets responded to improved liquidity and Central Bank of Nigeria intervention efforts.

What Happened

At the Nigerian Foreign Exchange Market (NFEM), the dollar settled at approximately ₦1,326.84, while the parallel market quoted the greenback around ₦1,380 for buying and ₦1,390 for selling. This creates a gap of roughly ₦63.16 between the two pricing tracks.

At the parallel market, $100 costs approximately ₦139,000 at the selling rate, and $1,000 requires about ₦1.39 million. Conversely, selling $100 at the parallel buying rate of ₦1,380 yields roughly ₦138,000.

Why This Matters

The divergence between the official and parallel rates reflects Nigeria's dual foreign exchange structure, where regulated market liquidity and informal dealer activity price the dollar differently. Recent CBN measures aimed at boosting dollar availability have kept the official rate within the ₦1,320–₦1,330 range, while the parallel market has held near ₦1,390.

For businesses, importers, and everyday Nigerians, these rates directly affect purchasing power, inflation expectations, and cost-of-living calculations. Monitoring NFEM trading this week will be key to assessing whether the naira can sustain its recent stability.

Key Takeaways

  • The official NFEM rate on September 14, 2026, was approximately ₦1,326.84 per dollar.
  • The parallel market traded the dollar between ₦1,380 (buy) and ₦1,390 (sell).
  • The spread between official and parallel markets was about ₦63.16 per dollar.
  • CBN liquidity initiatives and improved dollar supply have helped stabilize the naira at the official window.
  • Key drivers of FX movement include crude oil earnings, external reserves, diaspora remittances, and investor inflows.

Conclusion

Naira stability at the official market offers short-term relief, but the persistent parallel-market premium underscores ongoing FX structural challenges. Market participants will be watching NFEM activity closely in the coming days for signs of sustained strength or further adjustment.