Naira Holds 1,331.20 as Reserves Hit 18-Year High
Nigeria's external reserves reached an 18-year high while the official naira rate held steady near 1,331.20 against the dollar.
Key points
- The official naira rate was 1,331.20 per dollar on Monday, slightly stronger than Friday's 1,331.28.
- Nigeria's external reserves hit an 18-year high of 54.61 billion dollars, a 30.52 percent year-on-year increase.
- The parallel market quoted the dollar at 1,395 naira, maintaining a 63.80 naira premium over the official rate.
The Nigerian naira traded at 1,331.20 per dollar in the official market on Monday. This rate showed marginal strength compared to the previous session's 1,331.28 level. The currency remained close to the 1,330 benchmark during early trading hours.
Market reports indicate the parallel market quoted the dollar at 1,395 naira on Monday morning. This creates a gap of 63.80 naira between the official and parallel rates. The premium has fluctuated as dollar supply and demand conditions change recently.
Reserves Reach Historic High
Nigeria's external reserves stood at 54.61 billion dollars as of September 14. CBN data cited by BusinessDay confirms this is an 18-year high. The figure represents a 30.52 percent increase from the corresponding period in 2025.
Vanguard News reports that the naira has traded within a narrow range recently. Official market data from the Nigerian Foreign Exchange Market supports this stability. The latest confirmed rate from Friday, September 18, set this baseline.
Parallel Market Dynamics
The parallel market rate has remained above the official rate in recent sessions. Market participants note that actual rates vary by bank and operator. Transaction size and location also influence the final exchange value for buyers.
Parallel market quotations are indicative and can change throughout the day. Traders should verify rates with specific Bureau de Change operators. The gap between markets reflects current dollar supply conditions in Nigeria.
Current Rate Summary
As of September 21, 2026, the official rate stands at 1,331.20 per dollar. The live USD/NGN benchmark is approximately 1,330.65. The parallel market rate is reported at 1,395 per dollar.
