Iranian Rial Falls Sharply Against the Naira Amid Ongoing War

As of 7 September 2026, the reported exchange rate is ₦1 to about 1,040 Iranian rials. This represents a steep change from the rate reported at the end of December 2025. The rial’s value has been highly volatile throughout 2026. Reports suggest that ₦1 exchanged for between 29 and 790 rials in January, before the currency weakened further during the war. The conflict has placed severe pressure on Iran’s economy and currency. Its effects are also being felt across other countries through trade disruptions, higher costs and wider economic uncertainty. Exchange-rate figures may vary across official, market and informal channels.

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