Naira Mixed in Forex Market as Friday Trading Shows Gains Against Dollar

The naira recorded a mixed performance across Nigeria’s foreign exchange markets on Friday, September 4, 2026, with notable gains against the US dollar in both official and parallel segments.

In the official Nigerian Foreign Exchange Market (NFEM), the naira appreciated to approximately N1,315 to N1,323 per dollar, representing one of its strongest performances in recent months.

The last time the exchange rate hit the N1,300 level was in April 2024, according to market analysts.

The parallel market also saw improvement, with the dollar trading between N1,395 and N1,410 for selling, depending on the dealer and location.

Currency dealers quoted buying rates at approximately N1,400 per dollar.

The gap between the official and parallel markets narrowed to about N82 to N87 per dollar, reflecting improved foreign exchange liquidity and dollar supply.

Against other major currencies, the pound traded at approximately N1,880 to N1,890 in the parallel market, while the euro exchanged for about N1,534 in the official window.

The Canadian dollar and South African rand also saw active trading in the black market segment.

Currency dealers advised that parallel market rates could vary across locations and transaction sizes.

“Exchange rates, particularly in the parallel market, can change within hours. Buyers and sellers are therefore advised to confirm prevailing prices before carrying out transactions,” one dealer noted.

The naira’s recent appreciation comes as Nigeria’s external reserves hover at $54.08 billion, the highest level in more than 17 years, according to Central Bank of Nigeria data.

The reserves have grown by 18.69 percent year-to-date from $45.56 billion recorded on January 2.