The naira has weakened to about ₦1,410 per United States dollar in the parallel market, widening the gap between the unofficial and official foreign exchange markets.
Reports on Wednesday, September 9, 2026, put the parallel-market selling rate at approximately ₦1,410 to the dollar, while dealers were buying the currency at around ₦1,385.
The latest movement represents a renewed depreciation of the naira in the street market, where exchange rates are influenced by foreign-currency supply and demand as well as prevailing market sentiment.
The official market, however, continues to trade at a lower rate. Data available on Wednesday put the official rate at about **₦1,320.25 to the dollar**, creating a difference of roughly ₦90 between the official and parallel-market selling rates.
Other exchange-rate trackers reported somewhat different parallel-market figures, highlighting the volatility and location-based differences that characterise the unofficial market. One tracker, for instance, reported an average selling rate of ₦1,390 on September 9, while another quoted ₦1,400 on September 8.
The divergence means that Nigerians and businesses seeking foreign currency outside the formal banking system may face higher dollar costs, potentially affecting the naira value of imported goods, overseas payments and other dollar-denominated transactions.
The naira’s performance in the foreign exchange market remains closely watched by businesses, investors and policymakers because movements in the exchange rate can influence inflation, import costs and the broader cost of doing business.
Market analysts and participants will continue to monitor foreign-exchange liquidity and the Central Bank of Nigeria’s policies as the authorities seek to maintain stability and narrow distortions between different segments of the forex market.
