The US dollar is trading at different rates across Nigeria’s official and parallel foreign exchange markets on Wednesday, October 14, 2026, with currency dealers quoting prices as high as ₦1,375 per dollar in the parallel market.
Figures reported for the Nigerian Foreign Exchange Market (NFEM) put the official rate at approximately ₦1,332.47 per dollar, based on figures attributed to Tuesday’s trading. In the parallel market, dealers are quoting ₦1,365 for buying and ₦1,375 for selling.
The official figure should be treated as the latest rate reported by the source, rather than a confirmed live quotation for Wednesday. The Central Bank of Nigeria’s published data and market reports may reflect different trading dates or rate measures.
The difference between the two markets means Nigerians buying dollars from parallel-market dealers may pay more than the reported official rate. However, actual prices vary according to the dealer, location and transaction size.
Dollar to naira exchange rate today
The reported exchange rates for Wednesday, October 14, are as follows:
- Official NFEM rate: approximately ₦1,332.47 per dollar, based on the latest figure cited in the report.
- Parallel-market buying rate: ₦1,365 per dollar.
- Parallel-market selling rate: ₦1,375 per dollar.
The buying rate is the amount a dealer pays a customer who sells dollars, while the selling rate is what a customer pays to purchase dollars from the dealer.
The NFEM is Nigeria’s official foreign exchange market, with the Central Bank of Nigeria publishing exchange-rate data based on transactions in the market. The applicable rate for a particular transaction may differ depending on the bank or authorised channel involved.
How much is $100, $200, $500 and $1,000 in naira today?
Using the reported parallel-market selling rate of ₦1,375 per dollar, the estimated cost of purchasing different dollar amounts is:
- $100: ₦137,500
- $200: ₦275,000
- $500: ₦687,500
- $1,000: ₦1,375,000
At the reported official rate of ₦1,332.47, the equivalent amounts would be approximately:
- $100: ₦133,247
- $200: ₦266,494
- $500: ₦666,235
- $1,000: ₦1,332,470
These calculations are estimates based on the stated rates. The actual amount paid may change with market movements, transaction conditions and any applicable charges. Access to foreign exchange through official channels also depends on the transaction requirements and the applicable banking process.
Why the official and parallel-market rates differ
The difference between the official and parallel-market quotations reflects several factors, including the availability of dollars, demand from individuals and businesses, dealer margins and the speed at which customers can access foreign currency.
Importers, manufacturers, travellers and people making international payments all contribute to demand for dollars. When demand exceeds the supply available through a particular channel, prices may rise.
Foreign exchange inflows, including proceeds from crude oil exports and other sources, can also affect dollar availability. Central Bank policies and broader economic conditions influence activity in the official market.
Parallel-market quotations may vary across cities and dealers, so the rates reported for one location should not be assumed to apply uniformly across Nigeria.
What Nigerians should know before exchanging dollars
Individuals and businesses planning foreign exchange transactions should confirm the current buying and selling rates before completing a deal.
Customers seeking dollars through banks should check the applicable rate and transaction requirements with their financial institution. Those using Bureau De Change operators should verify that the operator is licensed and confirm the final quotation before exchanging money.
Because the reported official figure is based on an earlier trading session and parallel-market prices can change during the day, the figures above should be used as indicative rates rather than guaranteed transaction prices.
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