Naira to Dollar exchange rate today, Thursday, September 3, 2026
The naira traded at ₦1,329.12 per dollar at the official foreign exchange market on Thursday, September 3, 2026, extending its recent gains against the United States currency.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency remained relatively strong, although the parallel market continued to trade at a significantly weaker rate.
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Official rate slips slightly after two-year high
The ₦1,329.12/$1 rate represents a slight movement from Wednesday’s reported closing rate of ₦1,326.69 per dollar, which marked a two-year high for the Nigerian currency.
The Central Bank of Nigeria (CBN) determines the official NFEM exchange rate using the volume-weighted average of transactions completed in the market.
Despite the slight adjustment, the naira has recorded notable improvements in recent weeks, supported by stronger dollar liquidity and improved confidence in the official market.
The currency’s performance has also been linked to rising external reserves and increased inflows through formal remittance channels.
Dollar remains expensive in parallel market
Meanwhile, the dollar traded at a substantially higher rate in the parallel market.
Aboki Forex quoted the dollar at approximately ₦1,395 on Thursday, while market tracker TalentBase reported buying and selling rates of around ₦1,400 and ₦1,410 respectively across major locations.
This leaves a significant gap between the official and parallel market rates, with the difference varying depending on location and transaction terms.
The disparity has persisted despite the naira’s recent appreciation at the official market.
Available market data showed that the naira gained about 1.5 per cent at the NFEM in August, while movement in the parallel market remained considerably smaller.
Nigeria’s improving foreign exchange position has also provided support for the local currency.
External reserves reportedly climbed to approximately $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.
At the current official rate of ₦1,329.12 per dollar, $100 is valued at approximately ₦132,912.
However, at the parallel market rate of ₦1,395 per dollar, the same $100 would fetch about ₦139,500.
Exchange rates, particularly in the parallel market, can fluctuate during the day, meaning buyers and sellers may experience different rates depending on their location and transaction period.