The naira opened the new trading week at approximately ₦1,333.54 per dollar on Monday, October 19, 2026, in the official Nigerian Foreign Exchange Market (NFEM), while the dollar was quoted at about ₦1,390 in the parallel market.
The latest figures put the parallel-market buying rate at around ₦1,375 per dollar, with dealers selling the US currency for approximately ₦1,390. The rates may vary depending on the dealer, location and amount being exchanged.
At the official market, the reported opening rate was slightly higher than the naira’s reported closing rate of ₦1,332.26 on Friday, October 16.
The difference between the official rate of ₦1,333.54 and the parallel-market selling rate of ₦1,390 is ₦56.46 per dollar. This means someone purchasing $1,000 at the quoted rates would pay approximately ₦1,333,540 at the official rate, compared with ₦1,390,000 at the parallel-market selling rate, before any applicable charges.
The Central Bank of Nigeria publishes official NFEM exchange-rate data, while parallel-market quotations are indicative and are not uniform across
Market participants and consumers are advised to confirm the prevailing rate with their banks or licensed Bureau De Change operators before completing transactions, as foreign-exchange prices can change throughout the trading day.
How did this story make you feel?
Join the conversation
Share a thoughtful response. Submissions may be reviewed before appearing.
