Sep 03, 2026 (Vanguard/All Africa Global Media via COMTEX) --
The naira continued to strengthen against the US dollar on Thursday, September 3, 2026, with the Nigerian currency trading around N1,329 per dollar in the official market while the parallel market remained significantly higher.
The latest available Nigerian Foreign Exchange Market (NFEM) data put the official exchange rate at about N1,329.12 to $1 as of September 3. A live USD/NGN reference rate also showed the dollar at N1,329.12. The Central Bank of Nigeria (CBN) says the NFEM rate is derived from the volume-weighted average of transactions and serves as the official exchange rate for the day.
The official-market movement follows Wednesday's reported close of N1,326.69 per dollar, a two-year high for the naira. The appreciation has been supported by improved dollar liquidity, stronger external reserves and increased formal remittance inflows.
In the parallel market, however, the dollar remained more expensive. Aboki Forex quoted the black-market rate at N1,395 per dollar on September 3. Another market tracker, TalentBase, reported a buying rate of around N1,400 and a selling rate of N1,410 in major Nigerian locations.
This puts the gap between the official NFEM rate and the parallel-market selling rate at roughly N81 per dollar, although the exact premium varies depending on the location and whether dollars are being bought or sold.
The widening difference between the two markets comes despite the naira's recent gains in the official market. The naira appreciated by 1.5 per cent in the NFEM during August, while parallel-market movement was much smaller at 0.06 per cent.
Nigeria's foreign-exchange position has also improved. External reserves rose to about $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.
For Nigerians looking to convert dollars today, $100 is worth approximately N132,912 at the N1,329.12 official rate, while the same $100 would fetch about N139,500 at the N1,395 parallel-market rate.
Exchange rates can change during the day, particularly in the parallel market, so buyers and sellers should confirm the prevailing rate immediately before carrying out a transaction.
COMTEX_491979851/2029/2026-09-03T08:34:51
Copyright 2026 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com).
