The naira weakened further in the parallel foreign exchange market on Thursday, September 10, 2026, as the US dollar was quoted at about ₦1,390.
Market data showed that the dollar was being bought at approximately ₦1,380 and sold at ₦1,390 in the parallel market. The rates may vary depending on location, dealer and transaction conditions.
The development came despite relative stability in the official foreign exchange market, where the naira traded at around ₦1,322.72 to the dollar.
The difference between the official rate and the parallel-market selling rate stood at about ₦67.28 per dollar, highlighting the continued gap between the two segments of Nigeria’s foreign exchange market.
The parallel-market rate has, however, shown some movement in recent days. Available market data indicated that the dollar sold for about ₦1,405 on September 2 before falling to ₦1,390 by September 9–10.
The exchange rate gap remains significant for businesses and individuals who require foreign currency for transactions such as imports, international education, travel and other legitimate dollar-denominated payments.
Currency dealers noted that parallel-market rates can change during the day in response to dollar supply, demand, trading activity and other market conditions.
For Nigerians and businesses accessing foreign exchange through banks and licensed Bureau de Change operators, the actual rate offered may differ from both the official NFEM rate and parallel-market quotations.
The latest movement underscores the continued divergence between Nigeria’s official and parallel foreign exchange markets, even as the naira has remained relatively firm at the official window in recent trading sessions.
