Naira drops to N1,328.50/$ official, rises to N1,385/$ parallel Sept 23,2026
On Wednesday, September 23, 2026, the naira weakened at the official foreign exchange market, trading at N1,328.50 per US dollar, up from N1,327.78 the previous day—a depreciation of N0.72. In contrast, the parallel market saw the naira appreciate to N1,385 per dollar from N1,389, a gain of N4. The mixed movements came as Nigeria’s external reserves stood at $54.81 billion, according to the Central Bank of Nigeria. The official rate depreciation raises costs for importers, manufacturers, and anyone needing foreign currency for school fees, medical bills, or travel, while the parallel market appreciation may benefit exporters and those receiving diaspora remittances. With the official rate moving upward, businesses that rely on FX allocations may face higher expenses, potentially passing costs to consumers. Individuals holding dollar-denominated assets or earning foreign income could see local currency gains on the parallel side. The divergence between markets highlights ongoing pressure on Nigeria’s forex system and the need for effective policy coordination. Will you adjust your budget for imported goods, delay foreign purchases, or explore ways to hedge against further naira volatility?