Naira Faces Fresh Dollar Gap as Parallel Market Rate Hits ₦1,385

(Dollar to Naira. Photo by Naiarcompare)

The naira is trading at different prices depending on where you buy or sell dollars in Nigeria on Wednesday, September 16, 2026.

The official market run by the Central Bank shows the naira at ₦1,329.15 per dollar based on Tuesday's trading.

This is what the CBN calls the volume-weighted average rate for the day.

In the parallel market, things are different.

Dealers are buying dollars at around ₦1,380 and selling at about ₦1,385.

These rates get updated every hour based on what dealers are quoting in major Nigerian cities.

That means if you want to buy a dollar on the parallel market right now, you'd pay roughly ₦1,385.

If you're selling a dollar, you'd get around ₦1,380, though the exact amount depends on which dealer you're using, where you are and how much you're trading.

The gap between what the official market shows and what dealers want for selling on the parallel side is about ₦55.85 per dollar.

The difference between the official rate and parallel buying is roughly ₦50.85.

This spread matters because many businesses and people depend on dollars for importing goods, paying international bills, school fees abroad, travel and other overseas expenses.

As the supply and demand for dollars shift through the day, rates can move.

The parallel market rates also shift depending on location, who you're dealing with and the size of the transaction.

If you're doing an official dollar transaction, the rate will be whatever your bank is using based on the NFEM.

Parallel market deals might give you something different.