Naira Opens Week Near ₦1,327/$ as Dollar Rates Remain Stable

The naira opened the new trading week relatively stable against the US dollar, with the official exchange rate remaining around the ₦1,327–₦1,330 range while parallel-market quotations were higher. The Nigerian naira began trading on Monday, September 28, 2026, with the US dollar quoted at around ₦1,327.16 in the official foreign exchange market, according to the latest rate cited by GistReel. The opening figure places the naira close to levels recorded during the previous trading week, suggesting limited movement in the currency at the start of Monday's session. However, the exact rate can change during the day as transactions are completed in the Nigerian Foreign Exchange Market (NFEM). Independent market data showed the dollar trading around ₦1,328.20 against the naira on Monday, with the day's recorded range extending from approximately ₦1,326.32 to ₦1,328.86. A separate market-rate tracker based on official CBN data placed the dollar's official buy and sell rates at approximately ₦1,330.51 and ₦1,329.51, respectively, early on Monday. The small differences among the figures reflect different data sources, timing and rate conventions rather than necessarily indicating a major shift in the value of the naira.

Parallel market remains above official rate

The parallel foreign exchange market continued to quote the dollar at a higher level. Investors King reported on Monday that the dollar was changing hands at approximately ₦1,375 for buying and ₦1,385 for selling in major Bureau de Change markets. The difference between the official and parallel-market quotations means Nigerians seeking dollars may encounter different rates depending on the market and transaction channel. Parallel-market rates are also less uniform because quotations can vary between dealers, locations and the volume of dollars available. BusinessDay had earlier reported that the parallel market was trading around ₦1,380/$ for buying and ₦1,385/$ for selling in September, describing the naira's performance as an appreciation compared with the beginning of the year.

Official market remains relatively stable

Recent market data indicate that the naira has moved within a relatively narrow band in the official market during September. Historical USD/NGN data show the currency pair trading around ₦1,326–₦1,331 for much of the second half of the month. The data also show the naira remaining well below the levels recorded earlier in the year. The official market is overseen by the Central Bank of Nigeria, while the NFEM rate reflects transactions conducted through the formal foreign exchange market. The CBN has continued to emphasise improvements in foreign-exchange market transparency and liquidity as part of its broader monetary and FX reforms. Recent reporting also points to stronger foreign-exchange liquidity as one factor supporting the naira.

External reserves provide some support

Nigeria's foreign-exchange position has improved during 2026, providing additional support for the naira. Recent reports have linked stronger reserves and improved dollar liquidity to the currency's relatively stable performance. BusinessDay reported earlier in September that the naira had gained about 7.94 per cent against the dollar in the parallel market since the beginning of the year, based on rates collected from market operators. Other recent financial-market reporting has also pointed to stronger foreign-exchange inflows. The development is significant because the availability of dollars in the domestic market influences the exchange rate, particularly when demand from importers, businesses and individuals rises.

What today's rate means

The Monday opening rate provides a snapshot rather than a fixed price for the entire day. The official exchange rate can move as transactions take place, while parallel-market quotations may change even more frequently depending on demand and available dollar supply. For businesses importing goods, students paying overseas expenses, travellers and Nigerians receiving or sending foreign currency, the distinction between the official and parallel markets remains important. A quoted rate should therefore be accompanied by its market, time and transaction direction—buying or selling—to avoid confusion. The GistReel figure of ₦1,327.16/$1 should consequently be understood as an opening or indicative rate rather than the final official closing rate for Monday. As trading continues, the final NFEM rate will provide a clearer picture of where the naira ended the session. For now, available market data point to a relatively stable opening, with the official dollar rate around ₦1,328–₦1,330 and the parallel market substantially higher at roughly ₦1,385 for selling. The gap between the two markets remains an important indicator to watch as Nigeria's foreign-exchange reforms continue and traders assess dollar supply, demand and broader economic conditions.