Dollar To Naira Rate Today: Naira Records Fresh Movement Against Dollar

The Nigerian naira traded at ₦1,329.12 per dollar at the official foreign exchange market on Thursday, September 3, 2026, maintaining its recent strength against the United States currency despite a slight decline from the previous day’s level.

According to Bush Radio Academy, data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency remained relatively strong in the official market, although the parallel market continued to record a significantly weaker exchange rate.

The Thursday rate represented a modest movement from Wednesday’s closing rate of ₦1,326.69 per dollar, which had marked a two-year high for the naira.

The official NFEM exchange rate is determined using the volume-weighted average of transactions conducted in the market under the framework of the Central Bank of Nigeria.

Despite the slight adjustment, the naira has recorded notable gains in recent weeks, with improved dollar liquidity and stronger confidence in the official foreign exchange market providing support for the currency.

The naira’s performance has also been linked to rising external reserves and increased inflows through formal remittance channels.

Meanwhile, the United States dollar continued to trade at a considerably higher rate in the parallel market. Aboki Forex quoted the dollar at approximately ₦1,395 on Thursday, while another market tracker, TalentBase, reported buying and selling rates of around ₦1,400 and ₦1,410 respectively in major locations.

The difference between the official and parallel market rates therefore remained significant, although the exact gap varied depending on location and transaction conditions.

Available market data indicated that the naira appreciated by about 1.5 per cent at the NFEM in August, while gains in the parallel market were considerably more limited.

Nigeria’s improving foreign exchange position has also continued to support the local currency. External reserves were reportedly around $53.51 billion in August, while formal remittance inflows through international money transfer operators reached a record $947 million in July.

At the official exchange rate of ₦1,329.12 per dollar, $100 would be worth approximately ₦132,912. At a parallel market rate of ₦1,395 per dollar, the same $100 would exchange for about ₦139,500.

However, exchange rates, particularly those in the parallel market, can change throughout the day, meaning the actual rate available to buyers and sellers may vary depending on their location, timing and transaction terms.