The dollar-to-naira exchange rate remains a key concern for businesses, importers and Nigerians looking to meet their foreign exchange needs on Wednesday, November 4, 2026.
The naira continues to trade at different rates against the US dollar across the Nigerian Foreign Exchange Market (NFEM) and the parallel market, popularly known as the black market.
While the NFEM rate reflects transactions in Nigeria’s official foreign exchange market, the parallel market rate is largely driven by demand and supply among independent currency dealers.
As of Wednesday morning, the US dollar is quoted at approximately ₦1,380 for buying and ₦1,390 for selling in the parallel market. Meanwhile, the latest reported official NFEM rate stands at approximately ₦1,346.43 per dollar, based on the market publication for Tuesday, November 3.
In the parallel market, Bureau De Change (BDC) operators may offer varying exchange rates depending on their location, dollar availability and transaction volume.
The quoted buying and selling rates are indicative and may change throughout the day as market conditions evolve.
At the prevailing rates, $100 is worth approximately ₦134,643 at the official NFEM rate and ₦139,000 at the parallel market selling rate. This represents a difference of approximately ₦43.57 per dollar between the two markets.
The naira’s performance in the official foreign exchange market continues to depend on several factors, including foreign exchange supply, demand from importers and other market participants, and prevailing liquidity conditions.
Developments in foreign exchange inflows and market demand can also influence the movement of the local currency against the US dollar.
Nigerians seeking to buy or sell foreign currency are advised to confirm prevailing exchange rates with their banks and authorised Bureau De Change operators before conducting transactions.
Exchange rates, particularly in the parallel market, can fluctuate during the day depending on location, availability and prevailing market demand.
Note: All rates quoted in this report are indicative and should not be treated as guaranteed transaction prices.
