Businesses, importers, investors and Nigerians who rely on foreign currency for international transactions are still closely watching the naira’s exchange rate against the United States dollar.
The latest available figures as of Monday, November 2, 2026, put the official Nigerian Foreign Exchange Market rate at ₦1,346.26 per dollar. The parallel market quoted the dollar at about ₦1,386.36.
Nigeria’s foreign exchange market has two major segments, the Nigerian Foreign Exchange Market and the parallel market. Rates in both segments move with currency supply, demand and prevailing market conditions.
Data published by the Central Bank of Nigeria showed that the naira traded at an average of ₦1,346.2565 per dollar on Friday, October 30. This is the most recent official trading data available ahead of Monday’s session.
The official market also recorded a closing rate of ₦1,346.00 per dollar on that day, a marginal improvement from the previous trading session.
According to the Central Bank of Nigeria, “The NFEM rate is determined by the volume-weighted average of transactions in the official foreign exchange market. It serves as the benchmark for official foreign currency transactions in Nigeria.”
In the parallel market, commonly called the black market, dealers quoted the dollar at about ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1.
Nigerians who want to buy one dollar from parallel market operators would therefore need about ₦1,386, although the actual amount may differ by dealer and location.
Parallel market rates are only indicative and may change throughout the day in response to foreign exchange demand and supply.
The gap between the latest official NFEM weighted average of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 is about ₦40.10 per dollar.
The difference reflects variations in foreign exchange supply, demand and pricing between the two markets.
For individuals and businesses buying dollars, the parallel market selling rate remains an important consideration, especially for transactions that cannot go through official banking channels.
At the latest official NFEM rate of ₦1,346.26, $100 is equivalent to about ₦134,626.
At the parallel market selling rate of ₦1,386.36, $100 would cost about ₦138,636.
These figures are indicative and do not necessarily reflect the final rates offered by banks or individual currency dealers.
Nigerians are advised to confirm prevailing exchange rates with their banks or licensed Bureau de Change operators before carrying out any foreign exchange transaction.
