The Nigerian naira strengthened against the US dollar on September 24, 2026, with the official Nigerian Foreign Exchange Market (NFEM) quoting the dollar at about ₦1,328 and the parallel market at roughly ₦1,375, ahead of Thursday’s trading session.
In the official market, the NFEM rate fell to ₦1,328 from ₦1,331 recorded on Tuesday, marking a ₦3 appreciation for the naira, according to data released by the Central Bank of Nigeria (CBN).
On the informal side, the parallel‑market rate slipped to ₦1,375 on Wednesday, down from ₦1,383 the day before, giving the naira an ₦8 gain. The gap between the two markets now stands at about ₦47, with the parallel rate remaining higher than the official NFEM rate.
Activity in the NFEM surged during the same period, with turnover jumping 181.5 % to $279.2 million, up from $99.2 million previously. The rise reflects heightened demand for foreign‑exchange transactions in the official channel.
Nigeria’s external reserves were reported at $54.674 billion as of September 17, providing additional foreign‑exchange liquidity and supporting the naira’s recent gains.
Market participants are reminded that actual transaction rates can vary depending on the bank, Bureau de Change operator, location, size of the deal and prevailing market conditions.
<small>Source: Vanguard News — read the original story there.</small>
