diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9d53f78b611..3f77aa78e1a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -67,6 +67,8 @@
 
 - Update to [`libp2p-noise` `v0.39.1`](transports/noise/CHANGELOG.md#0391).
 
+- Update to [`libp2p-swarm` `v0.39.1`](swarm/CHANGELOG.md#0391).
+
 # 0.48.0
 
 - Update to [`libp2p-core` `v0.36.0`](core/CHANGELOG.md#0360).
diff --git a/swarm/CHANGELOG.md b/swarm/CHANGELOG.md
index ff8d3a27d84..a523397fc7f 100644
--- a/swarm/CHANGELOG.md
+++ b/swarm/CHANGELOG.md
@@ -4,6 +4,11 @@
 
 [PR 2857]: https://github.com/libp2p/rust-libp2p/pull/2857
 
+- Pass actual `PeerId` of dial to `NetworkBehaviour::inject_dial_failure` on `DialError::ConnectionLimit`. See [PR 2928].
+
+[PR 2928]: https://github.com/libp2p/rust-libp2p/pull/2928
+
+
 # 0.39.0
 
 - Remove deprecated `NetworkBehaviourEventProcess`. See [libp2p-swarm v0.38.0 changelog entry] for
diff --git a/swarm/src/lib.rs b/swarm/src/lib.rs
index 3cf9d24326f..94f5215e91e 100644
--- a/swarm/src/lib.rs
+++ b/swarm/src/lib.rs
@@ -535,7 +535,7 @@ where
             Ok(_connection_id) => Ok(()),
             Err((connection_limit, handler)) => {
                 let error = DialError::ConnectionLimit(connection_limit);
-                self.behaviour.inject_dial_failure(None, handler, &error);
+                self.behaviour.inject_dial_failure(peer_id, handler, &error);
                 Err(error)
             }
         }