Naira Under Pressure As Dollar Sells For ₦1,410 At Parallel Market

The naira-dollar exchange rate has sparked fresh concern among Nigerians as the US dollar continues to command a significantly higher price in the parallel market than the latest available official rate.

As of Wednesday, September 9, 2026, the dollar is trading at about ₦1,321.37 in the latest available official market data, while parallel-market quotes put the currency as high as ₦1,410 per dollar.

The difference means Nigerians looking to buy dollars in the parallel market could pay substantially more for the same amount of foreign currency, raising fresh questions about the gap between Nigeria’s official and unofficial exchange rates.

At the latest available official rate of ₦1,321.37, $100 is worth approximately ₦132,137. However, at the reported parallel-market selling rate of ₦1,410, the same $100 would cost ₦141,000—a difference of about ₦8,863.

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For larger amounts, the disparity becomes even more significant. At the official rate, $500 is approximately ₦660,685, while $1,000 is worth about ₦1,321,370.

At the parallel-market selling rate of ₦1,410, however, $500 would cost ₦705,000, while $1,000 would cost ₦1.41 million.

This means a Nigerian buying $1,000 at the reported parallel-market rate could spend approximately ₦88,630 more than the amount represented by the latest available official rate.

NairaToday reports a parallel-market buying rate of ₦1,385 and a selling rate of ₦1,410 per dollar, while AbokiForex reports ₦1,385 buying and ₦1,395 selling.

The figures have once again drawn attention to the persistent disparity between the official foreign-exchange market and the parallel market, with the difference potentially affecting businesses, importers, travellers, students paying overseas fees and Nigerians involved in dollar-denominated transactions.

However, the latest official figure comes with an important caveat.

The Central Bank of Nigeria’s NFEM data lists September 4, 2026, as its latest dated trading entry, when the dollar was quoted at ₦1,321.2160. 

Therefore, the ₦1,321.37 figure should be regarded as the latest available official rate rather than a confirmed CBN closing rate for September 9.

With the dollar reportedly selling for as much as ₦1,410 in the parallel market, attention is now focused on whether the naira can maintain its current official position or whether renewed pressure on the local currency could widen the gap between the two markets.