The naira’s exchange rate against the US dollar remains a key concern for businesses, importers, investors and Nigerians who rely on foreign currency for international transactions.
Nigeria’s foreign exchange market operates through different segments, notably the Nigerian Foreign Exchange Market (NFEM) and the parallel market, popularly known as the black market. Exchange rates across these markets vary depending on currency supply, demand and prevailing market conditions.
As of Monday, November 2, 2026, the latest available figures show that the official NFEM rate stood at ₦1,346.26 per dollar, while the parallel market selling rate was approximately ₦1,386.36.
Official Dollar to Naira exchange rate today
Data published by the Central Bank of Nigeria (CBN) indicate that the naira traded at an average rate of ₦1,346.2565 per dollar on Friday, October 30, the latest available official trading data ahead of Monday’s session.
The official market also recorded a closing rate of ₦1,346.00 per dollar, representing a marginal improvement compared with the previous trading session.
The NFEM rate is calculated using the volume-weighted average of transactions conducted in the official foreign exchange market. It serves as a key benchmark for official foreign currency transactions in Nigeria.
Dollar to Naira black market rate today
In the parallel market, currency dealers quoted the dollar at approximately ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1.
This means Nigerians looking to purchase one US dollar from parallel market operators would need approximately ₦1,386. However, the actual exchange rate may differ depending on the dealer, location and prevailing market conditions.
Unlike the official NFEM rate, parallel market quotations are indicative and can fluctuate throughout the day in response to changes in foreign exchange supply and demand.
Difference between official and black market dollar rates
The difference between the latest official NFEM average rate of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 is approximately ₦40.10 per dollar.
This disparity highlights the differences in pricing and currency availability across Nigeria’s official and parallel foreign exchange markets.
For individuals and businesses seeking to purchase US dollars, the parallel market selling rate remains an important reference point, particularly for transactions that cannot be processed through official banking channels.
How much is $100 in Naira today?
Based on the latest available exchange rates, $100 is worth approximately ₦134,626 at the official NFEM rate of ₦1,346.26 per dollar.
At the parallel market selling rate of ₦1,386.36, purchasing $100 would cost approximately ₦138,636.
These calculations are indicative and may not reflect the exact amount offered by banks or individual foreign exchange dealers.
What Nigerians should know
Exchange rates can change depending on market conditions, transaction volumes and the availability of foreign currency.
Nigerians planning to purchase or sell US dollars are advised to confirm prevailing rates with their banks or licensed Bureau de Change operators before conducting transactions.
Monitoring both the official NFEM and parallel market rates can also help individuals and businesses make more informed financial decisions.
