The Naira dropped slightly on September 18, trading at N1,331 in the official bank market and N1,375 in the parallel market.
The Nigerian
has experienced another slight drop in value against the United States Dollar across both official bank channels and local street exchange markets.
Fresh market data, updated on Friday, September 18, 2026, shows the local currency sold at about 1,331 Naira per US Dollar in the official Nigerian Foreign Exchange Market.
This official figure shows that the local money lost a small amount of value compared to Wednesday, when it traded at 1,329 Naira per dollar.
At the same time, traders operating in the parallel market, commonly called the street or black market, raised their price from 1,370 Naira on Wednesday to around 1,375 Naira for one paper dollar on Friday morning.
The major reason behind this continuous movement in foreign exchange prices is the imbalance between the total amount of foreign currency coming into the country and the high demand from local traders and citizens.
Business owners who import food items, school materials, factory machines, and raw materials from overseas need foreign money to pay their international suppliers every day.
Because many buyers cannot get enough foreign cash from official banks quickly, they run to street dealers, which causes the price of dollars in the parallel market to jump higher.
Financial experts point out that the price gap between official bank figures and street market rates now stands at roughly 44 Naira for every dollar.
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Explaining how foreign exchange prices move depending on market supply and demand, international market analysts noted the current state of foreign trade.
Monitoring the official and street trading channels, financial reporters stated that “The divergence reflects differences in pricing and supply conditions between the official foreign exchange market and the parallel market, where rates can vary depending on location, dealer and transaction size”.
Commenting on foreign cash movement and central bank efforts, market watchers added that “the naira was trading around N1,328 per dollar in the official market and N1,390 in street trading, while noting that the currency was expected to remain broadly stable amid central bank dollar sales and relatively subdued import demand”.
Calculating what the current numbers mean for ordinary traders buying goods, reporting sources confirmed that “For Nigerians buying dollars through the parallel market, the latest rate means $100 would cost about N137,500, while $1,000 would require approximately N1.375 million at the reported rate”.
The Central Bank of Nigeria is working to supply more foreign cash to banks to keep the local money stable. Economic experts advise buyers to compare prices across official bank portals before changing money.
Jennifer Baba is a journalist, international news correspondent, and writer at Moderncrux, where she covers artificial intelligence, fintech, emerging technologies, global politics, and international affairs. Based in Nigeria, she is passionate about transforming complex global developments into clear, engaging stories that inform and inspire readers.
