The dollar to naira today is trading in a narrow band. The official market is near ₦1,330, and the parallel market is near ₦1,380 to ₦1,385.
The Central Bank of Nigeria (CBN) publishes its closing figure after trading ends, so today’s official rate is not out yet. The most recent confirmed numbers come from Monday, September 28. CBN data showed the naira selling at ₦1,331.33 to the dollar at the official market on Monday, compared with ₦1,329.51 on Sunday. In the parallel market, the naira closed Monday at ₦1,382 to the dollar.
Early indicative quotes on Monday morning had put the official rate slightly lower. One early reading put the official rate at about ₦1,327.16 per dollar before the day’s trades pulled the weighted average up a little. That is the kind of movement to expect. Nothing dramatic has happened on either side of the market in days.
Dollar to Naira Exchange Rate Today at a Glance
| Market | Latest rate (per $1) | Date |
|---|---|---|
| Official (NFEM, CBN) | ₦1,331.33 | Monday, Sept 28 |
| Parallel (black market) | ₦1,382 | Monday, Sept 28 |
| Gap between the two | About ₦51 (roughly 3.8%) | Monday, Sept 28 |
Rates quoted by banks, bureau de change (BDC) operators and street dealers usually differ from these reference figures because of margins, demand and location.
How the Naira Has Moved This Week
The past week has been quiet. The official rate ended last week at ₦1,329.51 on Friday, up ₦1.69 from the same day a week earlier. It had weakened by 84 kobo from Thursday’s ₦1,328.67. The parallel market held at ₦1,385 that day. Other trackers had the black-market rate slightly different. Naija News recorded ₦1,390 on Friday, and another outlet described the informal window as sitting near ₦1,380. That spread of ₦5 to ₦10 between sources is normal for street trading, where quotes shift between Lagos, Abuja and Kano.
| Date | Official rate (₦/$) | Parallel rate (₦/$) |
|---|---|---|
| Thursday, Sept 24 | 1,328.67 | Not confirmed |
| Friday, Sept 25 | 1,329.51 | 1,385 to 1,390 |
| Sunday, Sept 27 | 1,329.51 | Not confirmed |
| Monday, Sept 28 | 1,331.33 | 1,382 |
Small day-to-day swings of a few naira are not a signal of trouble. What stands out is the gap between the two markets. It has narrowed from earlier in the year. In late January, Lagos, Abuja and Kano dealers were quoting the dollar between ₦1,475 and ₦1,485 while the official rate was around ₦1,412. Against those levels, the naira is stronger by roughly 6 percent at the official window and a bit more in the street market. It is also a long way from the ₦400-plus spreads that used to drive round-tripping and roughly a fifth of the FX conversations in Nigerian boardrooms.
Why the Naira Is Holding Steady
Foreign reserves at an 18-year high
The biggest support is the size of the CBN’s dollar cushion. Reserves rose from $45.57 billion on January 2 to $54.86 billion on September 24, a 20.4 percent gain that is about seven times the increase recorded over the same stretch of 2025. That puts the stock $3.82 billion above the CBN’s own year-end projection of $51.04 billion.
| Date | External reserves |
|---|---|
| January 2, 2026 | $45.57 billion |
| June 4, 2026 | $50.04 billion |
| August 12, 2026 | $51.92 billion |
| September 3, 2026 | $54.08 billion |
| September 17, 2026 | $54.69 billion |
| September 24, 2026 | $54.86 billion |
A bigger reserve gives the central bank room to meet dollar demand without letting the rate lurch. Economists interviewed by the News Agency of Nigeria earlier this month said the build-up should help the naira and lift investor confidence. The CBN has tied the improvement to stronger FX inflows, including oil-related taxes, and to remittances. Governor Olayemi Cardoso said money transfer operators handled a record $947 million in July.
A two-year high earlier this month
The naira has already had its moment this September. It reached ₦1,315 per dollar at the official market on September 3, its strongest level in about two years, after trading at ₦1,326 the day before. The rate has since drifted back to the ₦1,327 to ₦1,331 range, which is a modest retreat rather than a reversal.
The interest rate cut
The CBN also changed course on policy. At its September 21 to 22 meeting, it cut the Monetary Policy Rate to 23 percent from 26.5 percent and left the Cash Reserve Ratio for banks at 45 percent. A lower rate can, in theory, make Nigerian assets less attractive to foreign investors chasing yield, which is a risk to watch. So far the market has shrugged it off. The official rate ended the week broadly stable after the reset.
What the Numbers Mean in Naira
Here is what common dollar amounts convert to at Monday’s closing rates. Use this as a guide only, since your bank or BDC will apply its own margin.
| Amount | At official rate (₦1,331.33) | At parallel rate (₦1,382) |
|---|---|---|
| $1 | ₦1,331 | ₦1,382 |
| $10 | ₦13,313 | ₦13,820 |
| $100 | ₦133,133 | ₦138,200 |
| $500 | ₦665,665 | ₦691,000 |
| $1,000 | ₦1,331,330 | ₦1,382,000 |
Who Feels the Difference
Importers settling invoices, parents paying school fees abroad, and families receiving support from relatives overseas are the people watching these numbers most closely. A stable rate makes budgeting easier for all of them. For a $1,000 payment, the gap between the official and black-market rates is about ₦51,000. That is worth checking before you choose where to buy or sell.
Business owners who price goods off the dollar have also had a calmer few weeks. Fewer sudden jumps mean fewer emergency price changes, though inflation and fuel costs still shape what shoppers pay.
What to Watch Next
Analysts say the direction from here depends on three things. The first is whether foreign portfolio investors, exporters and remittance flows keep supplying dollars. Interbank turnover has been uneven, with one recent session dropping more than 28 percent from the day before. The second is how the rate cut affects investor appetite for Nigerian debt. The third is oil earnings, which the CBN itself flagged as a driver of its reserve projections.
The official rate has stayed within a tight band since Thursday, and reserves give the CBN room to smooth out sudden demand. Barring a shock, the naira looks set to trade close to current levels in the coming days. The CBN’s official closing figure for September 29 will be published after the market closes, and parallel rates can move by the hour, so confirm a live quote before any large transaction.
