Naira Exchange Rate Today: Dollar Hits ₦1,385 In Parallel Market

The US dollar opened the new trading week at about ₦1,327.16 against the Nigerian naira on Monday, September 28, 2026, based on the latest indicative rate from Nigeria’s official foreign exchange market.

According to Bush Radio Academy, trading activities in the Nigerian Foreign Exchange Market (NFEM) are being closely monitored as market participants assess movements in the naira against the US dollar, alongside developments in the parallel market.

The NFEM rate reflects transactions conducted through Nigeria’s formal foreign exchange market, with the Central Bank of Nigeria (CBN) using a volume-weighted average of eligible transactions to determine the official exchange rate.

The indicative figure at the opening of the new week is not necessarily the final rate for Monday, as the closing value will depend on the volume and value of transactions recorded throughout the trading session.

In the parallel market, the dollar was last reported at around ₦1,385 on Friday, September 25, although the latest Monday quotation had not been independently confirmed at the time of reporting.

Parallel-market rates can vary depending on dollar availability, demand from buyers, location and the rates offered by individual Bureau de Change operators.

The naira ended the previous trading week relatively stable across both the official and parallel foreign exchange markets, with improved external reserves providing some support for market conditions.

As trading resumes, movements in the NFEM and parallel markets will continue to be watched closely, with fresh transactions and changing market conditions capable of influencing the exchange rate during the day.

It is important to note that the parallel market is separate from Nigeria’s official foreign exchange market, and rates quoted by street dealers or individual operators may differ from rates available through banks and licensed foreign exchange channels.