The naira began the week on Monday, November 9, 2026, trading at approximately ₦1,346.79 per dollar on the official Nigerian Foreign Exchange Market (NFEM), reflecting Friday’s closing rate.
On the parallel market, popularly known as the black market, currency dealers quoted the dollar between ₦1,390 and ₦1,415. However, some exchange-rate trackers reported buying rates as high as ₦1,428.
The official exchange rate remained unchanged over the weekend because the NFEM does not conduct transactions on Saturdays and Sundays. Fresh figures are expected as trading resumes on Monday.
Dollar to naira exchange rate today
| Market | Rate per $1 | Basis |
|---|---|---|
| Official NFEM/CBN rate | ₦1,346.79 | Friday, November 6 closing rate |
| Parallel market selling rate | ₦1,390–₦1,415 | Dealers’ quotes, November 8–9 |
| Highest reported parallel market buying rate | ₦1,428 | Monierate, November 8 |
| Difference between official and parallel rates | ₦43–₦68 | Approximately 3.2–5.1% |
Official NFEM rate records slight recovery
The naira experienced marginal fluctuations throughout the previous week before recording a slight recovery on Friday.
It opened November at ₦1,347.94 on Monday, November 2, before appreciating slightly to ₦1,346.93 on Tuesday, although it eventually closed that session at ₦1,347.75.
On Wednesday, the volume-weighted average stood at ₦1,347.80, while the closing rate was ₦1,348.00. The currency weakened slightly on Thursday to ₦1,348.74 before recovering to ₦1,346.79 at Friday’s close.
The movements represented relatively minor changes in the official foreign exchange market throughout the week.
The Central Bank of Nigeria’s (CBN) reference rate is based on the NFEM’s weighted average, calculated using the volume of transactions conducted during the trading session. Consequently, the CBN and NFEM rates generally reflect the same figure.
However, the closing rate may differ slightly from the daily weighted average.
| Date | NFEM rate (₦/$) | Black-market rate (₦/$) |
|---|---|---|
| Monday, November 2 | 1,347.94 | About 1,390 |
| Tuesday, November 3 | 1,346.93 (close: 1,347.75) | 1,390–1,395 |
| Wednesday, November 4 | 1,347.80 (close: 1,348.00) | About 1,390 |
| Thursday, November 5 | 1,348.74 | About 1,390 |
| Friday, November 6 | 1,346.79 | 1,390–1,415 |
| Sunday, November 8 | 1,346.79 (weekend, no trading) | 1,390–1,415 |
Parallel-market figures may differ depending on the exchange-rate tracker, location and time of reporting. They should therefore be treated as estimates.
Black-market dollar to naira rate today
The parallel market recorded more noticeable fluctuations than the official market during the previous week.
Currency dealers maintained their dollar quotations at approximately ₦1,390 for much of the week. However, rates increased to around ₦1,400 on Friday, with some operators in Lagos quoting between ₦1,415 and ₦1,420.
Over the weekend, Aboki Forex reported a selling rate of ₦1,415, while Monierate listed a buying rate of ₦1,428 and a selling rate of ₦1,415.
Other sources continued to report rates around ₦1,390, with the differences attributed to variations in location, reporting time and individual dealers’ quotations.
For instance, exchange rates offered by dealers in Lagos may differ from those available in Kano or Abuja. Individuals intending to buy or sell foreign currency are therefore advised to compare quotations before completing transactions.
At a selling rate of ₦1,415, the parallel-market dollar price is approximately ₦68 higher than the official rate, representing a difference of about 5 per cent. At ₦1,390, the gap narrows to approximately ₦43, or 3.2 per cent.
How much is $1 to $10,000 in naira today?
Using the official exchange rate of ₦1,346.79 and the parallel-market selling rate of ₦1,415, the estimated naira equivalents of selected dollar amounts are as follows:
| Dollar amount | Official rate (₦) | Parallel-market rate (₦) |
|---|---|---|
| $1 | 1,346.79 | 1,415 |
| $5 | 6,733.95 | 7,075 |
| $10 | 13,467.90 | 14,150 |
| $20 | 26,935.80 | 28,300 |
| $50 | 67,339.50 | 70,750 |
| $100 | 134,679 | 141,500 |
| $200 | 269,358 | 283,000 |
| $500 | 673,395 | 707,500 |
| $1,000 | 1,346,790 | 1,415,000 |
| $5,000 | 6,733,950 | 7,075,000 |
| $10,000 | 13,467,900 | 14,150,000 |
The parallel-market figures are estimates, as rates may change throughout the day.
Why the naira has remained within a narrow trading range
The naira has recently traded within a range of approximately ₦1,330 to ₦1,370 per dollar, with Monday’s official rate sitting around the middle of that band.
Several factors have contributed to the relative stability.
Nigeria’s foreign reserves: The country’s external reserves reportedly stand at approximately $55.2 billion, providing the CBN with some capacity to intervene when pressure builds in the foreign exchange market.
Towards the end of last month, the apex bank reportedly sold $950 million to banks and authorised dealers to address liquidity shortages and support the naira.
Improvement in the naira’s year-to-date performance: The naira began 2026 at approximately ₦1,446 per dollar, meaning its current official rate represents an appreciation of nearly 7 per cent.
NFEM figures also indicate that the currency gained ₦39.50 between July 1 and September 30, representing an improvement of about 2.88 per cent.
However, the naira experienced some setbacks in October, surrendering part of its earlier gains before recovering to approximately ₦1,346 towards the end of the month.
CBN foreign exchange reforms: The Central Bank has attributed the relative stability to ongoing foreign exchange reforms, improved market liquidity and increased transparency in the market.
Despite the stronger reserves, the naira remains exposed to changes in foreign currency demand. Importers, students paying fees abroad and international travellers continue to require dollars, while the parallel market often responds more quickly to changes in demand and supply.
What to watch in the foreign exchange market this week
Several developments could influence the naira’s performance in the coming days.
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Monday’s NFEM closing rate: Whether the official rate remains around ₦1,346 or moves beyond ₦1,350 could provide an indication of the market’s direction for the week.
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Parallel-market premium: A widening gap approaching ₦70 between the official and street rates could indicate increasing demand outside the official market.
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Foreign reserves: Changes in Nigeria’s external reserves and any additional dollar sales by the CBN could provide further insight into market conditions.
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Seasonal demand: Demand for foreign currency typically increases towards December as individuals and businesses make payments for travel, school fees and year-end imports.
Other currencies against the naira
The exchange rates of other major currencies, including the pound sterling and euro, also fluctuate alongside movements in the dollar market.
Recent figures indicate that the pound trades between approximately ₦1,820 and ₦1,830 on the official market, while the euro is quoted at around ₦1,520 to ₦1,525.
On the parallel market, the euro reportedly sold for approximately ₦1,580 over the weekend.
These figures are indicative and may differ from rates offered by commercial banks and bureau de change operators.
Frequently asked questions
What is the dollar to naira exchange rate today?
The dollar trades at approximately ₦1,346.79 on the official market, based on Friday’s closing rate, while parallel-market dealers quote between ₦1,390 and ₦1,415.
What is the CBN dollar rate today?
The CBN reference rate follows the NFEM weighted average. It stood at approximately ₦1,346.79 based on Friday’s closing figure.
How much is $100 in naira today?
At the official rate, $100 is worth approximately ₦134,679. On the parallel market, it is valued between ₦139,000 and ₦141,500.
Why is there a difference between the official and black-market rates?
The official exchange rate is determined by transactions conducted through the regulated NFEM, while the parallel-market rate reflects demand and supply among independent currency dealers and bureau de change operators. This often results in higher rates on the parallel market.
Why is there no new official exchange rate at weekends?
The NFEM operates only on business days. Therefore, Friday’s closing rate remains the reference figure until trading resumes on Monday.