Naira Holds Steady Against Dollar Amid Parallel Market Premium
The naira maintained its stability against the US dollar at the start of the new trading week. The Nigerian Foreign Exchange Market (NFEM) reported a rate of ₦1,326.84 per dollar on September 14, 2026.
In contrast, the parallel market quoted a higher price, with the dollar trading at approximately ₦1,380 to buy and ₦1,390 to sell. This leaves a spread of about ₦63.16 per dollar between the official rate and the parallel-market selling price.
Nigerians seeking to purchase $100 would need about ₦139,000 at the parallel-market selling rate, while $1,000 would cost approximately ₦1.39 million. On the other hand, a person selling $100 at the prevailing buying rate of ₦1,380 would receive approximately ₦138,000.
The official exchange rate has remained within the ₦1,320, ₦1,330 range in recent NFEM trading, which is attributed to improved dollar liquidity and efforts by the Central Bank of Nigeria to strengthen conditions in the foreign exchange market. However, the parallel market continues to record a higher price due to demand and supply conditions outside the regulated market.