The Nigerian naira strengthened against the United States dollar in both the official and parallel foreign exchange markets on Monday, September 21, 2026, as the currency began the new trading week on a firmer note.
The naira appreciated by 0.11% at the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,329.80 per dollar, according to financial market data published by AIICO Capital on Monday, September 21, 2026. The rate was stronger than the ₦1,331.20/$ recorded at the close of trading on Friday, September 18, 2026.
The latest movement means the naira gained about ₦1.40 against the dollar between Friday and Monday, extending the relatively stable performance recorded in the official market in recent sessions.
The currency also strengthened in the parallel market. AIICO Capital reported that the dollar traded at ₦1,385/$ on Monday, September 21, 2026, representing a 0.36% appreciation in the naira from the ₦1,390/$ level recorded on Friday, September 18, 2026.
Other market trackers reported slightly different parallel-market quotations on Monday. NgnRates, for instance, recorded a dollar selling rate of ₦1,390/$ on September 21, 2026, compared with ₦1,395/$ on September 20, 2026. The platform notes that its parallel-market figures are indicative and based on reported market quotes.
The different parallel-market quotations reflect the nature of the unofficial market, where rates can vary by location, dealer and transaction size. A Monday report by TheCityCeleb also quoted street dealers at ₦1,390/$ to sell and ₦1,375/$ to buy in several Nigerian cities.
At the official rate of ₦1,329.80/$ and the ₦1,385/$ parallel-market rate reported by AIICO Capital, the gap between the two markets stood at about ₦55 per dollar on Monday. AIICO Capital said this was narrower than the roughly ₦59 gap recorded on Friday.
The latest movement also came against a stronger external-reserve position. AIICO Capital reported that Nigeria’s gross external reserves stood at $54.69 billion, compared with $45.50 billion at the beginning of the year.
The reserve position has provided a stronger external buffer for the naira in recent months, although exchange-rate movements still depend on the availability of dollars and demand from businesses and other foreign-exchange users.
Market activity has also been influenced by liquidity conditions. AIICO Capital reported on September 21 that system liquidity rose 39.62% to ₦3.99 trillion, from ₦2.86 trillion, following the continued effect of Central Bank of Nigeria (CBN) repayments made in September. The report said the overnight rate stood at 22.24%, while the Open Repo Rate and Nigerian Overnight Financing Rate remained at 22%.
For businesses that depend on foreign currency, the difference between the official and parallel rates remains important because changes in the cost of dollars can affect import costs, international payments and the pricing of goods with imported components.
The naira’s performance on Monday therefore pointed to continued relative stability in the foreign exchange market, although the parallel-market rate remained above the official NFEM rate and continued to move according to dollar supply and demand.
