The naira traded at ₦1,321.44 to the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, September 29, 2026, while the greenback changed hands for as much as ₦1,385 in the parallel market.
In the parallel market, currency dealers were buying the dollar at around ₦1,375 and selling it at approximately ₦1,385, according to prevailing Bureau De Change quotations.
The figures show a difference of about ₦63.56 per dollar between the reported NFEM rate and the parallel-market selling price.
Tuesday exchange rates
NFEM:
Buying rate —
Selling rate — ₦1,321.44
Parallel market:
Buying rate — ₦1,375
Selling rate — ₦1,385
Why the rates differ
Exchange rates in Nigeria can vary between the official and parallel markets because the two segments operate under different conditions.
The official NFEM rate is determined through transactions in the formal foreign exchange market, while parallel-market quotations respond more directly to dealers’ available dollar supplies and prevailing demand.
Foreign exchange liquidity, dollar inflows and the country’s external reserves are among the factors being watched by market participants as the third quarter approaches its end.
What the rates mean for dollar buyers
The actual amount paid for dollars can depend on the market through which the transaction is carried out.
Businesses and individuals sourcing foreign currency outside the formal market may therefore face a different rate from the one recorded at NFEM.
Movements in the exchange rate remain relevant to importers, manufacturers and businesses with foreign-currency commitments, while consumers can also feel the impact through the prices of imported products and internationally priced goods and services.