Posted by Chinenye on Fri 11th Sep, 2026 - tori.ng
The naira is facing fresh pressure as the dollar continues to trade higher outside the official market.
(Dollar to Naira. Photo by Naiarcompare)
The naira weakened against the dollar on Friday, September 11, with the official exchange rate sitting at about ₦1,329.44 per dollar at the Nigerian Foreign Exchange Market.
In the parallel market, where many Nigerians buy dollars for travel, school fees, and other needs, the rates are higher.
Dealers are buying the dollar at around ₦1,380 and selling it for approximately ₦1,390, though the exact rate depends on who you're dealing with and where you are.
This means if you buy dollars on the street, you'll pay roughly ₦60 more per dollar than what the official rate shows.
That's a difference of about 4.6 percent.
To put it simply, if you need $100 for a trip, you'd pay around ₦139,000 in the parallel market but only ₦132,944 if you could get it at the official rate.
The parallel market has consistently traded above the official window.
On Thursday, dealers were quoting rates between ₦1,380 and ₦1,390 for the dollar.
For Nigerians who need dollars whether for traveling abroad, paying school fees overseas, importing goods, or sending money internationally the rate you get depends on where you go.
Banks and licensed money changers typically offer rates closer to the official figure, while the parallel market costs more.
Exchange rates shift throughout the day based on how much dollar supply is available and how much demand there is.
So the rates dealers quote in the morning might be different by afternoon.
The parallel market rates are just guides and can vary from dealer to dealer.