Politics
Naira Trades Weaker At N1,390 To The Dollar At Parallel Market
The dollar to naira exchange rate opened at about ₦1,390/$1 in the parallel market, putting the naira below its official NFEM rate of ₦1,329.44/$1 on Friday, September 11, 2026.
In the parallel market, the dollar is being bought at around ₦1,380 and sold for approximately ₦1,390, although rates may vary depending on the dealer, location and transaction volume.
At ₦1,390 to the dollar, buyers of $100 would need about ₦139,000, compared with approximately ₦132,944 at the latest official NFEM rate.
The parallel-market selling rate is therefore about ₦60.56 higher than the official rate, representing a premium of roughly 4.6 per cent.
The latest available Central Bank of Nigeria (CBN) data put the official Nigerian Foreign Exchange Market (NFEM) rate at ₦1,329.44 per dollar.
The gap between the official and parallel-market rates means Nigerians sourcing dollars for travel, school fees, imports, remittances and other legitimate transactions may face different exchange rates depending on where they obtain the foreign currency.
Recent market activity has seen the naira maintain a stronger position at the official window, while the parallel market continues to quote the dollar above the NFEM rate.
Exchange rates remain subject to changes during the day as dollar supply, demand, trading activity and other foreign-exchange developments influence the market.
Parallel-market rates are indicative and may differ from the actual rate offered by individual dealers.
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