The Nigerian naira traded relatively steadily against the United States dollar in early trading on Wednesday, October 21, 2026, across the official foreign exchange market and the parallel market.
At the official Nigerian Foreign Exchange Market (NFEM), the naira exchanged at approximately ₦1,330.97 to ₦1,332 per dollar, based on the latest available indicative figures. Movements in the official market continue to be influenced by foreign exchange supply, investor flows and liquidity conditions.
Meanwhile, in the parallel market, Bureau De Change (BDC) operators and currency traders in commercial centres such as Lagos and Abuja quoted buying rates of around ₦1,365 per dollar and selling rates of approximately ₦1,380. Rates may vary depending on location, transaction size and individual dealers.
The difference between the official reference rate and the parallel-market selling rate stands at approximately ₦48 per dollar, highlighting the continued premium paid by buyers sourcing foreign currency outside the official market.
At these indicative rates, $100 is worth approximately ₦133,097 at the official rate and ₦138,000 when purchased at the parallel-market selling rate.
Market conditions remain sensitive to foreign exchange supply, international crude oil earnings and domestic monetary policy measures aimed at supporting currency stability and attracting foreign investment. Nigerians planning dollar transactions are advised to confirm current rates with their banks or licensed Bureau De Change operators before exchanging money.
