The US dollar is trading at an official reference rate of ₦1,357.84 against the naira, while parallel-market dealers are quoting between ₦1,411 and ₦1,435 per dollar on Thursday, November 12, 2026.
The latest available official figure, published for Wednesday, November 11, represents an increase of ₦7.48 from the previous reference rate of ₦1,350.36 recorded on November 10.
The parallel market, popularly known as the black market, continues to trade above the official foreign exchange window, with rates varying according to location, dealer and dollar availability.
At the parallel market, currency dealers are reportedly buying dollars at approximately ₦1,411 and selling between ₦1,419 and ₦1,435.
This means anyone selling $100 could receive approximately ₦141,100, while purchasing the same amount could cost between ₦141,900 and ₦143,500.
The official foreign exchange market operates through the Nigerian Foreign Exchange Market (NFEM), which provides the benchmark for authorised foreign exchange transactions.
Based on the official reference rate of ₦1,357.84, selected dollar amounts translate to the following naira values:
- $10 = ₦13,578.40
- $50 = ₦67,892
- $100 = ₦135,784
- $500 = ₦678,920
- $1,000 = ₦1,357,840
Using the parallel-market selling rate of ₦1,419, the equivalent amounts are:
- $10 = ₦14,190
- $50 = ₦70,950
- $100 = ₦141,900
- $500 = ₦709,500
- $1,000 = ₦1,419,000
The difference between the official reference rate of ₦1,357.84 and the parallel-market selling rate of ₦1,419 stands at ₦61.16 per dollar.
For a $100 transaction, this translates to a difference of ₦6,116 between the two rates.
The gap highlights the difference between the official foreign exchange market and the parallel market, where prices are influenced by demand, supply and the availability of foreign currency.
However, the quoted black-market rates are indicative and may change throughout the day. Customers are advised to confirm current prices with authorised foreign exchange dealers before completing transactions.
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