The US dollar was quoted at ₦1,331.28 on Nigeria’s official foreign exchange market on Monday, October 26, 2026, while the parallel market recorded a selling rate of ₦1,385 per dollar, according to figures attributed to Gatekeepers News.
The reported parallel-market buying rate stood at ₦1,370, meaning customers selling dollars could receive that amount for each dollar, depending on the dealer and location.
The difference between buying and selling rates is important for individuals and businesses that need foreign currency for imports, international transfers, school fees, travel and other overseas payments.
Dollar to naira exchange rate today
The reported rates for Monday are as follows:
| Exchange market | Buying rate | Selling rate |
|---|---|---|
| Official market (NFEM) | Not specified | ₦1,331.28 |
| Parallel market | ₦1,370 | ₦1,385 |
The parallel-market selling quotation is ₦53.72 higher than the reported official rate. However, these figures are indicative, and actual rates can vary among banks and currency dealers.
How much is $100, $500 and $1,000 in naira today?
Using the reported parallel-market selling rate of ₦1,385 per dollar, the following conversions apply:
| US dollar amount | Naira equivalent |
|---|---|
| $100 | ₦138,500 |
| $200 | ₦277,000 |
| $300 | ₦415,500 |
| $500 | ₦692,500 |
| $1,000 | ₦1,385,000 |
For Nigerians selling dollars at the reported buying rate of ₦1,370, the equivalent amounts are:
- $100: ₦137,000
- $500: ₦685,000
- $1,000: ₦1,370,000
These calculations use the published quotations and do not include any additional transaction charges. The amount a customer receives or pays may differ depending on the dealer, location, transaction size and availability of dollars.
Why the dollar-to-naira exchange rate matters
Movements in the exchange rate affect Nigerian businesses and households that depend on imported goods and international payments.
When the dollar becomes more expensive in naira terms, importers may have to spend more on machinery, electronics, raw materials and other products purchased from abroad. Those additional costs can affect business expenses and, in some cases, retail prices.
The exchange rate also matters to Nigerians paying overseas tuition fees, medical bills and travel expenses, as fluctuations can change the amount of naira required to meet dollar-denominated obligations.
Businesses and individuals therefore monitor both the official market and parallel-market quotations when planning foreign currency transactions.
What could influence the naira in the coming days?
The naira’s performance will depend on factors including foreign exchange supply, demand for dollars, export earnings, investment inflows and broader economic conditions.
Improved dollar availability could ease pressure on the local currency, while increased demand from importers and individuals could push rates higher if supply fails to keep pace.
The difference between official and parallel-market quotations may also change as market conditions evolve.
Nigerians planning currency transactions should confirm the latest available rate with their banks or authorised foreign exchange dealers before making payments.
Note: The rates above are reported market quotations, not guaranteed transaction prices. The official rate should be checked against the latest available Central Bank of Nigeria or Nigerian Foreign Exchange Market data before publication.
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