Posted by Chinenye on Tue 22nd Sep, 2026 - tori.ng
The naira has taken a small hit against the dollar, but the bigger story is the growing difference between the official rate and what traders are quoting on the streets.
(Dollar to Naira. Photo by Naiarcompare)
The naira weakened slightly on Monday, September 21, but as of Tuesday, September 22, 2026, it's still trading at different rates across the official and parallel markets.
At the official market, the naira closed at ₦1,329.80 per dollar on Monday, stronger than the previous day's ₦1,331.20.
On the streets, the parallel market is quoting the dollar much higher around ₦1,389 for selling and ₦1,381 for buying.
That's a gap of about ₦59.20 between what the official rate says and what you actually get on the parallel market.
So if you bought $1,000 on the parallel market Tuesday, you'd spend roughly ₦1.389 million.
Selling $1,000 would get you about ₦1.381 million, depending on who you're dealing with and where.
The actual rates you get depend on your bank, the Bureau de Change operator, how much you're buying, your location and the time of day.
Parallel market rates change throughout the day.
The official rate reflects formal market transactions.
The naira's strength or weakness depends on how much dollar is flowing in and out of Nigeria, how much people need to import, and what the central bank is doing with monetary policy.