The Nigerian Naira has experienced a boost against the US dollar in the parallel market.
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
Operators are now quoting a buy price of N1400/$1 for those looking to sell their dollars, indicating a substantial strengthening of the local currency.
A conducted checks and found that the exchange rate has been on an upward trend lately, as speculators begin to offload their hoarded dollars due to declining demand.
Multiple sources operating in the parallel market revealed that the Naira has risen from around N1600/$1, which was the closing rate yesterday, to N1500/$1 (with some quoting N1550/$1) for those looking to buy dollars.
However, the parallel market operators are buying dollars at N1400/$1, allowing them to make a spread of N100/$1. Musa, a trader who spoke to Nairametrics, expressed his satisfaction with the development, stating that a stronger Naira is also beneficial for their business.
Meanwhile, the exchange rate on the official market also improved, closing at N1,560/$1 on Tuesday. This marks the strongest the Naira has traded since March 4th, when it closed at N1534/$1.
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