The naira traded at ₦1,329.12 to the dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, September 3, 2026, according to the latest market data.
The rate represented a slight depreciation from the ₦1,326.69 recorded on Wednesday, which was reported as a two-year high for the Nigerian currency.
The Central Bank of Nigeria (CBN) determines the official NFEM exchange rate using the volume-weighted average of transactions completed in the market.
Despite the slight adjustment, the naira has recorded gains in recent weeks, supported by stronger dollar liquidity and improved confidence in the official foreign exchange market.
The currency’s performance has also been linked to rising external reserves and increased inflows through formal remittance channels.
In the parallel market, the dollar continued to trade at a significantly higher rate.
Aboki Forex quoted the dollar at about ₦1,395 on Thursday, while market tracker TalentBase reported buying and selling rates of around ₦1,400 and ₦1,410 respectively across major locations.
The difference between the official and parallel market rates remained significant, although the gap varied depending on location and transaction terms.
Available market data showed that the naira gained about 1.5 per cent against the dollar at the NFEM in August, while movement in the parallel market was considerably smaller.
External reserves reportedly rose to approximately $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.
At the official exchange rate of ₦1,329.12 per dollar, $100 is equivalent to approximately ₦132,912.
At the parallel market rate of ₦1,395 per dollar, the same $100 would be worth about ₦139,500.
Exchange rates, particularly in the parallel market, can fluctuate during the day, meaning buyers and sellers may encounter different rates depending on their location and the time of transaction.
