By Boluwatife Oshadiya | September 10, 2026
Key Points
- The naira weakened to ₦1,329.2129 per dollar at the official market on Wednesday
- The rate moved from ₦1,320.2469 per dollar recorded on Tuesday
- The parallel-market rate stood at about ₦1,390 per dollar, according to the source report
Main Story
The naira weakened to ₦1,329.2129 per U.S. dollar at Nigeria’s official foreign exchange market on Wednesday, September 9, from ₦1,320.2469 the previous day.
Data attributed to the Central Bank of Nigeria (CBN) showed that the official rate increased by about ₦8.97 per dollar, representing a 0.68% movement in the dollar-naira rate.
The CBN identifies its Nigerian Foreign Exchange Market (NFEM) rate as the official exchange rate derived from the volume-weighted average of transactions in the market.
The Tuesday rate of ₦1,320.2469 per dollar was also reported in market data published by Access Bank, which listed the figure as the CBN NFEM rate for September 8.
At the parallel market, the naira was reported at about ₦1,390 per dollar on Tuesday, although rates available to customers through banks, Bureau de Change operators and other authorised dealers can differ from official reference rates because of transaction margins, demand and supply conditions.
The latest movement comes as market participants continue to monitor foreign-exchange liquidity, dollar demand and inflows for signals about the naira’s direction.
What’s Being Said
The CBN’s published framework states that the NFEM rate is derived from the volume-weighted average of transactions and serves as the official exchange rate for the day.
Market data providers note that actual rates offered by banks and foreign-exchange dealers can differ from the official reference rate because of transaction margins and prevailing market conditions.
What’s Next
- Market participants will monitor dollar supply and demand at the official FX market
- Foreign-exchange inflows and CBN policy actions will remain key indicators for the naira’s near-term direction
- The gap between official and parallel-market rates will continue to be watched for signs of changing FX market conditions
Bottom Line
The Bottom Line: The latest move shows renewed pressure on the naira at the official market after the currency traded around ₦1,320 per dollar earlier in the week. The direction of dollar liquidity and demand will be important in determining whether the move develops into a sustained weakening trend.
