The Nigerian naira traded at different rates against the United States dollar on Saturday, October 31, 2026, across the official and parallel foreign exchange markets.
Available exchange rate data showed that the dollar stood at ₦1,342.90 on the reference rate as of Saturday morning.
Meanwhile, the dollar exchanged for between ₦1,376 and ₦1,389 on the parallel market, commonly referred to as the black market. Rates varied depending on the location and the currency dealer involved.
At these rates, $100 was worth between ₦137,600 and ₦138,900, while $500 exchanged for between ₦688,000 and ₦694,500. Similarly, $1,000 was valued at between ₦1,376,000 and ₦1,389,000.
The difference between the official and parallel market rates reflects factors such as foreign exchange demand and supply, market conditions, and other economic influences.
Individuals and businesses planning dollar transactions are advised to confirm the prevailing exchange rates with authorised dealers before making payments or exchanging currencies.