Naira Weakens as Dollar Rises to ₦1,331 Officially and ₦1,375 in Parallel Market

The Nigerian naira recorded fresh weakness against the United States dollar on Friday, September 18, 2026, with the currency trading at about ₦1,331 per dollar in the official foreign exchange market and around ₦1,375 per dollar in the parallel market. Data from the Central Bank of Nigeria showed that the indicative exchange rate moved to about ₦1,331 per dollar from approximately ₦1,329.56 recorded on Wednesday, representing a depreciation of about ₦1.44. The parallel market also recorded a weaker naira, with the dollar rising from around ₦1,370 to approximately ₦1,375. This created a gap of roughly ₦44 per dollar between the two reported market rates. At the reported parallel-market rate of ₦1,375, a person needing $100 would require approximately ₦137,500, while $1,000 would cost about ₦1.375 million, before any additional charges or transaction margins. In the official market, $1,000 at ₦1,331 would be valued at roughly ₦1.331 million. The difference between the two markets is important for businesses and individuals whose expenses are linked to the dollar, including importers, international travellers, students paying overseas fees and companies purchasing goods or services from abroad. Movements in the naira-dollar exchange rate can have wider consequences for the Nigerian economy because many imported goods, raw materials, equipment and services are priced in foreign currency. A weaker naira can therefore increase the local-currency cost of dollar-denominated transactions, although the effect varies depending on the product, supplier, exchange channel and timing of payment. Recent market reporting has also pointed to dollar liquidity, foreign-exchange demand and Central Bank interventions as factors influencing the naira’s movement. Reuters reported that the naira was expected to remain broadly stable, supported by CBN dollar sales and relatively subdued import demand. The latest figures show that Nigeria continues to have different exchange-rate quotations across the official and parallel markets. The reported parallel-market rate should be treated as an indication rather than a universal price because rates can vary between dealers, locations, transaction sizes and times of the day. For Nigerians and businesses planning dollar-related transactions, the latest movement highlights the importance of checking the prevailing rate before making payments or exchanging currency. The naira’s performance will remain closely watched as market participants assess foreign-exchange supply, demand for dollars and actions by the Central Bank of Nigeria.