The naira opened at ₦1,339.93 per US dollar on Nigeria’s official foreign exchange market on Tuesday, October 27, 2026, while the dollar continued to trade at higher rates in the parallel market, according to figures provided in market reports.

The difference between the two rates highlights the varying prices quoted by currency dealers across Nigeria’s foreign exchange market.

In the parallel market, commonly known as the black market, currency dealers in Lagos, Abuja and other major trading centres were reportedly buying the dollar at around ₦1,370 and selling it for between ₦1,380 and ₦1,385.

These rates are indicative rather than a single nationwide price, as parallel-market quotations can vary depending on location, transaction size and dollar availability.

The official opening rate of ₦1,339.93 places the naira close to the ₦1,340 level, while the reported parallel-market selling price of ₦1,385 represents a difference of about ₦45 per dollar.

The gap between the two markets can reflect differences in foreign currency supply, demand and access to dollars through official channels.

Importers and other businesses that require foreign currency for international transactions contribute to demand in the market. Capital inflows, dollar supply and measures introduced by the Central Bank of Nigeria (CBN) also influence exchange-rate movements.

Nigeria’s external reserves provide a buffer against external pressures, although reserve levels alone do not determine the naira’s daily performance. Changes in foreign currency demand and supply continue to shape market prices.

For individuals and businesses planning dollar transactions, it is important to confirm the applicable rate with their bank or an authorised currency dealer before making payments, as quoted prices can change during the trading day.

The figures provided for Tuesday indicate that the naira opened around ₦1,340 per dollar on the official market, while parallel-market dealers quoted higher selling prices of up to ₦1,385.

Official market opening rate: ₦1,339.93 per US dollar.

Reported parallel-market buying rate: Approximately ₦1,370 per dollar.

Reported parallel-market selling rate: ₦1,380 to ₦1,385 per dollar.

These figures reflect the rates supplied in the source report and should not be interpreted as independently verified live quotations or the final closing rate for October 27.