Naira Holds Steady At ₦1,331 Against Dollar

The naira to dollar exchange rate on Monday, September 21, 2026, remained relatively stable in Nigeria’s official foreign exchange market, with the latest NFEM reference rate standing at ₦1,331.20 to the US dollar, based on Friday’s trading data.

The dollar was also quoted at approximately ₦1,395/$ in the parallel market, leaving a difference of about ₦63.80 between the latest official and parallel-market rates.

Key Highlights

• The NFEM reference rate stood at ₦1,331.20/$ on Monday, September 21, 2026.
• The parallel market quoted the dollar at about ₦1,395/$.
• The gap between the official and parallel-market rates was about ₦63.80.
• A live USD/NGN benchmark showed around ₦1,330.65/$ in early Monday trading.
• Nigeria’s external reserves stood at $54.61 billion as of September 14, 2026, an 18-year high.
• Reserves rose 30.52 per cent year-on-year from the corresponding period in 2025.

The latest confirmed Nigerian Foreign Exchange Market (NFEM) rate, based on Friday’s trading data, stood at ₦1,331.20/$, compared with ₦1,331.28/$ previously recorded, indicating a marginal strengthening of the naira.

A live USD/NGN benchmark was around ₦1,330.65/$ in early trading on Monday, September 21, pointing to limited movement in the official foreign exchange market.

Parallel Market Premium

At the parallel market, the dollar’s quotation of ₦1,395 represented an FX premium of about ₦63.80/$ above the latest NFEM rate.

The difference between the official and parallel-market rates reflects the separate pricing conditions in both segments, with parallel-market rates often responding more quickly to changes in dollar demand and available liquidity.

The latest movement suggests that official-market pricing has remained broadly stable in recent trading sessions.

However, actual dollar transaction rates may vary depending on the bank, Bureau de Change operator, location, transaction size and prevailing market conditions.

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External Reserves Hit 18-Year High

The development comes amid an improvement in Nigeria’s external reserves.

Data from the Central Bank of Nigeria, as cited by BusinessDay, showed that the country’s foreign exchange reserves stood at $54.61 billion as of September 14, 2026.

The reserve position was reported to be at an 18-year high and represented a 30.52 per cent year-on-year increase from the corresponding period in 2025.

Higher external reserves provide an indicator of Nigeria’s foreign-exchange liquidity and capacity to support market operations, although reserve levels do not directly determine the retail or parallel-market exchange rate.

What Your Dollars Are Worth

At the NFEM rate of ₦1,331.20/$, $100 is approximately ₦133,120, while the same amount is worth about ₦139,500 at the parallel-market rate of ₦1,395/$.

For $500, the equivalent is approximately ₦665,600 at the NFEM rate and ₦697,500 at the parallel-market rate.

For $1,000, the value is approximately ₦1,331,200 at the NFEM rate and ₦1,395,000 at the parallel-market rate.

As of Monday, September 21, 2026, the key USD/NGN reference points were approximately ₦1,331.20/$ on the NFEM, ₦1,330.65/$ on the live benchmark and ₦1,395/$ in the parallel market.

The Naira to Dollar exchange rate today may continue to fluctuate during the trading session as demand, liquidity and market activity change. Follow us on X for more daily exchange-rate updates.