Naira Gains Ground to 1,329.80 as Parallel Market Lags
The naira strengthened to 1,329.80 per dollar on the official market, while parallel rates held near 1,389 on September 22, 2026.
Key points
- The naira closed at 1,329.80 per dollar on the official NFEM, up from 1,331.20 on the prior session.
- Parallel market rates stood at approximately 1,389 naira per dollar, with buying rates reported near 1,381.
- The spread between the official and parallel selling rates was 59.20 naira as of September 22, 2026.
The naira strengthened to 1,329.80 against the dollar on the official market. This figure marks a gain from the previous session's 1,331.20 close reported by the CBN.
Parallel market dealers quoted the dollar at roughly 1,389 on Monday. Vanguard News notes this rate includes buying levels near 1,381 for sellers of foreign currency.
Official and parallel rates diverge
The gap between the official and parallel selling rates stood at 59.20 naira. This difference impacts the cost for individuals buying one thousand dollars.
Customers in the parallel market pay about 1.389 million naira for $1,000. Dealers in the official market transact at the volume-weighted average rate of 1,329.80.
Drivers of current exchange levels
Dollar supply and import demand continue to shape naira valuation. Monetary policy developments also influence liquidity in both the formal and informal sectors.
Actual transaction rates vary by bank and location. Parallel market quotes fluctuate intraday, while official rates reflect aggregated formal market activity.
Market implications for currency traders
Traders must monitor the spread between the two market segments. The 59.20 naira gap represents a significant cost differential for large purchases.
The official rate serves as the primary benchmark for corporate transactions. Parallel rates often reflect immediate liquidity constraints and local dealer inventories.
