LAGOS, September 24, 2026 — Nigeria’s foreign-exchange market is showing signs of improved stability as the naira trades around ₦1,326–₦1,350 per U.S. dollar in the official market, while parallel-market rates remain higher at roughly ₦1,400–₦1,420.
Recent official data show an NFEM rate of about ₦1,326 per dollar, broadly consistent with the current official-market range. However, the continued gap between official and parallel-market rates highlights the difference in dollar-access conditions across Nigeria’s foreign-exchange market.
At the same time, Nigeria’s headline inflation rate eased to 15.39% in August, down slightly from 15.43% in July, according to the National Bureau of Statistics. The moderation marks another indication that price pressures are gradually easing, although inflation remains elevated.
The combination of improved foreign-exchange stability and slower inflation has also influenced monetary policy. On September 22, the Central Bank of Nigeria cut its Monetary Policy Rate by 350 basis points, from 26.5% to 23%, as policymakers responded to changing inflation and economic conditions.
A more stable naira can help reduce pressure on businesses that rely on imported raw materials, machinery and finished goods. It can also make it easier for companies to plan costs and manage foreign-currency exposure.
However, the remaining gap between official and parallel-market rates continues to present challenges. Businesses and consumers who cannot access foreign currency through official channels may still face higher costs.
For investors, the key issues to watch are the sustainability of naira stability, the direction of inflation, foreign-exchange liquidity and how quickly lower policy rates translate into cheaper credit.
Nigeria’s economic picture is therefore improving in some areas, but the durability of that progress will depend on continued stability in the foreign-exchange market, inflation trends, dollar supply and broader economic conditions.
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