Naira Strengthens Against Dollar as Official Rate Falls to ₦1,328

Abuja, September 24, 2026 — The Nigerian naira strengthened against the United States dollar in both the official and parallel foreign exchange markets, according to the latest available market figures.

The dollar was quoted at approximately ₦1,328 at the Nigerian Foreign Exchange Market (NFEM), compared with about ₦1,331 previously, representing a ₦3 improvement for the naira in the official market.

In the parallel market, the dollar was reported at approximately ₦1,375, down from ₦1,383 previously. This represented an ₦8 appreciation for the naira in that segment of the market.

Official Market Rate

Data attributed to the Central Bank of Nigeria (CBN) showed the naira closing at around ₦1,328 per dollar at the NFEM.

The movement represents a modest strengthening compared with the previous reported rate of ₦1,331 per dollar.

Other market trackers reported slightly different intraday official figures on September 24, illustrating that exchange rates can vary depending on the timing and methodology used to record transactions. One tracker, for example, reported an official rate around ₦1,328.50–₦1,329.50.

For this reason, the NFEM closing/indicative rate should be distinguished from the rate an individual customer may actually receive from a bank or authorised foreign-exchange dealer.

Parallel Market Rate

The naira also recorded gains in the parallel market.

The dollar reportedly changed hands at approximately ₦1,375, compared with ₦1,383 during the previous session.

That left a difference of about ₦47 per dollar between the reported NFEM and parallel-market rates.

However, parallel-market prices can differ from one location or dealer to another because they are influenced by local dollar availability, demand, transaction size and other market conditions.

Foreign Exchange Market Activity Rises

Beyond the movement in the exchange rate, trading activity in the official foreign exchange market increased significantly.

NFEM turnover reportedly rose from approximately $99.2 million to $279.2 million, representing a 181.5% increase during the period under review.

The increase indicates substantially higher transaction activity in the official market, although turnover alone does not establish the cause of the naira's movement.

Nigeria's External Reserves

Nigeria's external reserves were reported at approximately $54.674 billion as of September 17, 2026.

Foreign-exchange reserves are an important component of the country's external liquidity position and can influence market confidence and the availability of foreign currency.

The latest reserve figure was reported alongside the exchange-rate data in coverage of the September 24 market.

What the Latest Movement Means

The latest figures show a relatively stronger naira compared with the previous trading session in both the official and parallel markets.

For businesses and individuals who depend on foreign exchange, movements in the naira-dollar rate can affect the cost of imported goods, international payments, travel expenses, tuition, overseas subscriptions and other dollar-denominated transactions.

However, a single day's appreciation should not automatically be interpreted as a long-term change in the direction of the naira.

Exchange rates remain subject to changes in foreign-exchange supply and demand, market liquidity, monetary policy, international oil prices, capital flows and other domestic and global economic conditions.

Key Dollar-to-Naira Rates — September 24, 2026

| Market | Reported rate | Previous rate | Movement |

| --------------- | ------------: | ------------: | --------------: |

| NFEM/Official | **₦1,328/$** | ₦1,331/$ | Naira gained ₦3 |

| Parallel market | **₦1,375/$** | ₦1,383/$ | Naira gained ₦8 |

| Market gap | **About ₦47** | About ₦52 | Gap narrowed |

Rates can vary by institution, location, transaction size and time of day. The parallel-market figure is an indicative market report rather than a universal rate.

Factful24 Takeaway

The naira recorded gains against the US dollar in both major market segments monitored in the latest September 24 reports. The official rate stood at about ₦1,328/$, while the parallel-market rate was around ₦1,375/$.

The stronger naira came alongside a sharp increase in reported official-market turnover and a reported external-reserve position of $54.674 billion as of September 17.

For consumers, businesses and investors, the more important question will be whether the recent improvement is sustained over subsequent trading sessions.

Sources: Central Bank of Nigeria data as reported by Vanguard, GistReel, The Telegraph Nigeria and other market reports published September 24, 2026.