The US dollar is trading at an official reference rate of ₦1,358.34, while parallel-market dealers are quoting as much as ₦1,442.25 per dollar on Friday, November 13, 2026, highlighting the continuing gap between Nigeria’s official and informal foreign exchange markets.
The latest available weighted average published by the Central Bank of Nigeria (CBN) placed the Nigerian Foreign Exchange Market (NFEM) rate at ₦1,358.34 per dollar.
However, quotations from Bureau De Change operators and independent currency dealers in Lagos, Abuja and other commercial centres showed significant variations, with some sellers demanding considerably higher prices.
The figures indicate that Nigerians seeking to purchase dollars outside the official market may pay more depending on their location, the amount required and available foreign currency supply.
At the official market, the NFEM weighted average stood at ₦1,358.34 per dollar, while the interbank market recorded a closing rate of ₦1,364.00.
Although Friday’s official closing figure was not yet available in the supplied report, the latest published NFEM rate remained the reference point for transactions at the time.
In the parallel market, reported buying and selling rates varied across locations.
In Lagos, some currency dealers reportedly bought dollars at approximately ₦1,380 and sold them for around ₦1,390.
In Abuja and other high-demand locations, buying rates ranged between ₦1,419 and ₦1,432, while selling quotations reached approximately ₦1,440 to ₦1,442.25.
Overall, the reported parallel-market buying rates ranged from ₦1,380 to ₦1,432, while selling prices stood between ₦1,390 and ₦1,442.25.
Based on the official NFEM reference rate of ₦1,358.34, the equivalent values of selected dollar amounts are:
- $10 = ₦13,583.40
- $50 = ₦67,917
- $100 = ₦135,834
- $500 = ₦679,170
- $1,000 = ₦1,358,340
At the parallel-market selling rate of ₦1,442.25, the same amounts would cost:
- $10 = ₦14,422.50
- $50 = ₦72,112.50
- $100 = ₦144,225
- $500 = ₦721,125
- $1,000 = ₦1,442,250
The difference between the official reference rate and the highest reported parallel-market selling quotation is ₦83.91 per dollar.
For someone purchasing $100, this represents an additional ₦8,391 compared with the official benchmark.
Several factors could influence demand for foreign currency as the year approaches its end. Importers may require additional dollars to bring in goods ahead of the Christmas and New Year celebrations, while international travel, overseas school fees and other foreign payment obligations also contribute to demand.
Movements in the international dollar market and changes in foreign portfolio investment flows can also affect emerging-market currencies, including the naira.
Meanwhile, Nigeria’s external reserves remain an important factor in the country’s foreign exchange outlook.
The supplied figures put the country’s gross external reserves at approximately $54.9 billion, reportedly an 18-year high and above the stated full-year target of $51.04 billion.
Higher reserves could provide the CBN with additional capacity to support foreign exchange liquidity and manage market pressures. However, reserve growth alone does not guarantee an immediate appreciation of the naira.
The direction of the exchange rate in the coming weeks will depend on factors including foreign currency supply, market demand, capital flows and the effectiveness of monetary and foreign exchange policies.
Parallel-market quotations remain indicative rather than uniform, and actual rates may differ between dealers and locations.
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