The exchange rate between the naira and the US dollar remains a major concern for businesses, importers, investors and Nigerians who require foreign currency for international transactions.
The Nigerian Foreign Exchange Market (NFEM) and the parallel market are the two major segments of the country’s foreign exchange market. Their rates often differ depending on currency availability, 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 quoted the dollar at approximately ₦1,386.36.
Official NFEM exchange rate
Figures released by the Central Bank of Nigeria (CBN) indicated that the naira exchanged at an average rate of ₦1,346.2565 per dollar on Friday, October 30, representing 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, indicating a slight 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 the benchmark for official foreign currency transactions in Nigeria.
Dollar to naira black market rate today
In the parallel market, also referred to as the black market, currency dealers quoted the dollar at approximately ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1.
Consequently, Nigerians looking to purchase one dollar from parallel market operators would need about ₦1,386, although the actual rate may differ depending on the dealer and location.
These parallel market figures are indicative and may fluctuate throughout the day in response to changes in foreign exchange supply and demand.
Difference between official and parallel market rates
The difference between the latest official NFEM weighted average rate of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 is approximately ₦40.10 per dollar.
This disparity reflects variations in foreign exchange availability, demand and pricing across the two markets.
For individuals and businesses purchasing dollars, the parallel market selling rate remains an important consideration, particularly for transactions that cannot be completed through official banking channels.
How much is $100 in naira today?
Using the latest available official NFEM rate of ₦1,346.26, $100 is worth approximately ₦134,626.
At the parallel market selling rate of ₦1,386.36, purchasing $100 would cost approximately ₦138,636.
However, these figures are indicative and may differ from the actual rates offered by banks and individual currency dealers.
Nigerians are advised to verify prevailing exchange rates with their banks or licensed Bureau de Change operators before carrying out foreign exchange transactions.