The US dollar is trading at varying rates against the naira across Nigeria’s official foreign exchange and parallel markets on Monday, October 26, 2026, with the latest available figures indicating a gap between the two markets.
At the Nigerian Foreign Exchange Market (NFEM), the official rate stood at approximately ₦1,331 per dollar in the latest available update. Meanwhile, parallel-market dealers quoted the currency at between ₦1,370 and ₦1,385 per dollar, depending on the location and transaction.
Data published by Gatekeepers News on Monday showed the official dollar selling rate at ₦1,331.28, while parallel-market dealers bought the dollar at ₦1,370 and sold it at ₦1,385.
However, exchange rates differ among banks, Bureau De Change (BDC) operators and other currency dealers. Consequently, the rates available to customers may vary from published indicative figures.
The official foreign exchange market remains an important reference point for dollar pricing in eligible transactions conducted through authorised channels.
The latest available figures for October 26 place the dollar at approximately ₦1,331 in the official market. In comparison, customers purchasing physical dollars through the parallel market may pay a higher rate.
International currency data also indicated movements in the dollar-naira pair on Monday. However, these reference rates may differ from the Central Bank of Nigeria’s official NFEM rate and the prices offered by local currency dealers.
In the parallel market, dealers quoted a buying rate of approximately ₦1,370 and a selling rate of ₦1,385 per dollar, according to the latest market update published on Monday.
The buying rate refers to the amount dealers pay customers who sell dollars to them, while the selling rate is the amount customers pay to purchase the US currency.
Based on these indicative rates, anyone selling $100 to a dealer would receive approximately ₦137,000. Conversely, purchasing $100 at the selling rate would cost about ₦138,500.
For $500, the equivalent would be ₦685,000 at the buying rate and ₦692,500 at the selling rate. Similarly, selling $1,000 to a dealer would yield approximately ₦1,370,000, while purchasing the same amount would cost around ₦1,385,000.
These figures are estimates based on published rates. Actual transaction values may vary depending on the dealer, location, availability of dollars and amount exchanged.
Movements in the dollar-to-naira exchange rate have implications for Nigerian businesses and households that rely on imported goods and international payments.
An increase in the dollar rate raises the naira cost of imported raw materials, machinery, electronics and other products. Importers may therefore incur higher operating expenses, potentially leading to increased prices for consumers.
Nigerians paying overseas tuition fees, medical bills and travel expenses also monitor exchange-rate movements, as changes in the naira’s value affect the amount required for dollar-denominated payments.
The difference between official and parallel-market rates can further affect the cost of obtaining foreign currency for individuals and businesses unable to access dollars at the official rate.
The naira’s performance in subsequent trading sessions will depend on foreign exchange supply and demand, dollar liquidity, export earnings and capital flows.
Increased foreign currency inflows could strengthen the naira, while rising demand for dollars from importers, businesses and individuals could place further pressure on the currency.