The naira remained under pressure against the US dollar on Wednesday, September 2, 2026, with a noticeable gap between the official foreign exchange benchmark and parallel-market quotations.
The latest available data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at N1,329.43 to the dollar on September 1, while the currency closed at approximately N1,329 per dollar.
The NFEM rate is determined using the volume-weighted average of transactions carried out in Nigeria’s official foreign exchange market and serves as a key benchmark for dollar transactions.
At the latest official rate, $1 was worth about N1,329.43, while $100 translated to approximately N132,943.
However, activity in the parallel market continued to produce significantly higher dollar quotations.
Data published by Aboki Forex on Wednesday showed the dollar being bought at about N1,400 and sold at approximately N1,405 in the parallel market.
NairaToday, another foreign exchange tracker, quoted the parallel-market dollar at around N1,410, highlighting the differences that can emerge between dealers and locations in the largely unregulated segment of the market.
The disparity between the official NFEM benchmark and parallel-market rates underscores the different pricing mechanisms operating across Nigeria’s foreign exchange landscape. While the official market is subject to formal trading arrangements and regulation, parallel-market rates are largely influenced by prevailing demand, supply and dealer-specific conditions.
For individuals and businesses looking to buy or sell dollars, the rate ultimately obtained may therefore differ depending on the dealer, location, transaction size and timing of the transaction.
Parallel-market quotations can also change several times within a single trading day as market conditions shift.
As of Wednesday, September 2, the latest available official NFEM benchmark stood at about N1,329.43 per dollar, while parallel-market quotations were generally in the N1,400-N1,410 range.
The exchange rates remain subject to movement as foreign exchange trading continues and market participants respond to changes in dollar demand and supply.