The exchange rate between the US dollar and the Nigerian naira remains an important concern for businesses, importers and Nigerians seeking to access foreign currency on Wednesday, November 4, 2026.
The naira continues to exchange at different rates across the Nigerian Foreign Exchange Market (NFEM) and the parallel market, popularly referred to as the black market.
While the NFEM rate represents transactions within the official foreign exchange market, the parallel market rate is largely determined by demand and supply among independent currency dealers.
As of Wednesday morning, the dollar was trading at approximately ₦1,380 for buying and ₦1,390 for selling in the parallel market. Meanwhile, the latest reported official NFEM rate stood at approximately ₦1,346.43 per dollar, according to the November 3 market report.
In the parallel market, Bureau De Change operators quote varying rates depending on their location, dollar availability and transaction volumes. These figures are indicative and could change during the day.
At the prevailing exchange rates, $100 is equivalent to approximately ₦134,643 at the official market rate and ₦139,000 at the parallel-market selling rate.
This represents a difference of approximately ₦43.57 per dollar between the official and parallel-market selling rates.
Meanwhile, the naira’s performance in the official market continues to depend on foreign exchange supply, demand from importers and other market participants, as well as prevailing liquidity conditions.
Nigerians are advised to verify current exchange rates with their banks and authorised Bureau De Change operators before carrying out foreign currency transactions, as rates may fluctuate throughout the day.