Naira to Dollar: Official Rate Hits N1,329 as Black Market Sells at N1,385

The naira traded at N1,329.34 per dollar at the Nigerian Foreign Exchange Market (NFEM), while the US dollar exchanged at approximately N1,385 on the parallel market, leaving a difference of N55.66 between the two rates.

The figures, reported on Friday, October 9, 2026, indicate that the naira has continued to trade within a relatively narrow range at the official foreign exchange window, even as the dollar commands a higher rate in the parallel market. Vanguard also reported the same official and parallel-market figures for the day. .

Official market data cited in recent reports showed the naira trading between approximately N1,327 and N1,332 per dollar during the early part of October, reflecting limited movements in the formal market.

On the parallel market, also known as the black market, the dollar was quoted at about N1,385. Actual rates may vary depending on the location, dealer, transaction size and availability of foreign currency.

The difference between the two rates remains significant for individuals and businesses seeking dollars for international payments, imports, travel, school fees and other foreign currency transactions.

The naira’s performance across both markets is influenced by several factors, including the availability of dollars, demand from importers and individuals, foreign exchange liquidity and monetary policy measures introduced by the Central Bank of Nigeria (CBN).

Dollar supply through official channels, foreign investment inflows, export earnings and activity in the wider foreign exchange market can also affect movements in the local currency.

As the final quarter of 2026 progresses, market participants will continue to monitor official exchange-rate movements, foreign exchange turnover and the availability of dollars for businesses and individuals.

Although the official rate has remained within a relatively narrow range in recent sessions, the difference between the formal and parallel markets highlights the varying rates faced by Nigerians depending on where they source foreign currency.

Exchange rates remain subject to change, and the figures quoted on the parallel market should be treated as indicative rather than a uniform rate available nationwide.