The naira traded at approximately ₦1,347.44 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, November 3, 2026, while the US dollar sold for about ₦1,395 in the parallel market.
The official NFEM rate represents the latest available quotation in the formal foreign exchange market. However, parallel-market rates may vary depending on location, demand and individual currency dealers.
In the parallel market, Bureau de Change (BDC) operators quoted the dollar at approximately ₦1,380 for buying and ₦1,395 for selling.
Based on these rates, $100 would exchange for approximately ₦134,744 at the official market and ₦139,500 in the parallel market.
This puts the gap between the official and parallel-market selling rates at approximately ₦47.56 per dollar, highlighting the difference between the two foreign exchange markets.
Nigerians are advised to verify prevailing exchange rates with authorised dealers before carrying out foreign currency transactions, as rates may fluctuate throughout the day.
