The dollar-to-naira exchange rate remained around the ₦1,330 mark in the official foreign exchange market on Tuesday, October 20, 2026, while the parallel market recorded higher rates for individuals and businesses seeking to buy US dollars.
The latest available data put the Nigerian Foreign Exchange Market (NFEM) reference rate at approximately ₦1,332 per dollar. Meanwhile, Bureau De Change (BDC) operators in the parallel market quoted higher rates, with prices varying by location and transaction size.
As of Tuesday morning, the indicative official exchange rate stood at about ₦1,332 per dollar. In the parallel market, dealers were buying dollars at around ₦1,365 and selling at approximately ₦1,380 per dollar.
These parallel-market figures are indicative and may vary among dealers. Actual rates depend on the location, the amount being exchanged and the terms of the transaction.
How much is $100 to Naira today?
At the indicative rates, $100 is worth approximately ₦133,200 at the official NFEM reference rate and ₦138,000 at the parallel-market selling rate.
The difference between the two rates reflects the premium that buyers may pay to obtain dollars through the parallel market rather than through official foreign exchange channels.
Exchange rate movements remain important for importers, international travellers, students paying tuition abroad and businesses with dollar-denominated expenses, as changes in the value of the naira can affect the cost of goods, services and overseas payments.
Nigerians planning foreign exchange transactions are advised to confirm the prevailing rate with their banks or licensed Bureau De Change operators before making payments, as rates may fluctuate throughout the day.
