The naira is trading at different rates across Nigeria’s official and parallel foreign exchange markets, with the dollar quoted at ₦1,332.49 at the Nigerian Foreign Exchange Market (NFEM) and between ₦1,370 and ₦1,380 in the parallel market, according to the latest available figures.
Data from the Central Bank of Nigeria (CBN) showed that the official NFEM closing rate was ₦1,332.49 per dollar on Friday, October 9, the latest completed official trading session reflected in the data reviewed.
In the parallel market, the dollar was quoted at approximately ₦1,370 for buying and ₦1,380 for selling in figures reported on Saturday, October 10.
The difference between the two markets highlights the varying exchange rates faced by individuals and businesses seeking foreign currency for international payments, travel, education and imports.
Dollar to naira exchange rate today
The latest available exchange rate figures are outlined below:
| Market | Dollar buying rate | Dollar selling rate |
|---|---|---|
| Official NFEM | ₦1,332.49 closing rate | ₦1,332.49 closing rate |
| Parallel market | ₦1,370 | ₦1,380 |
Source: CBN and the latest parallel-market figures reported by Vanguard. The official figure is Friday’s closing rate, while the parallel-market figures are from Saturday, October 10. Actual transaction rates may differ.
What the latest official exchange rate shows
CBN data showed that the naira closed at ₦1,332.49 per dollar on October 9, following a week of trading around the ₦1,330 range.
The official market recorded an NFEM rate of ₦1,331.19 per dollar on October 9, while the closing rate stood at ₦1,332.49.
On October 8, the closing rate was ₦1,333.55 per dollar, compared with ₦1,332.75 on October 7.
The figures suggest that the official exchange rate remained within a relatively narrow range during the period, although daily fluctuations continued.
The CBN publishes official foreign exchange market data to provide information on trading rates and activity in Nigeria’s formal currency market.
Parallel market maintains a premium
The parallel market quoted the dollar at ₦1,370 for buying and ₦1,380 for selling in the latest figures reported for October 10.
At these rates, the parallel-market selling price was ₦47.51 higher than the latest official closing rate of ₦1,332.49 per dollar.
This difference means that individuals buying dollars through parallel-market dealers may pay more than the official market benchmark. However, actual rates depend on the dealer, location, transaction size and availability of foreign currency.
What the exchange rate means for Nigerians
Changes in the dollar-to-naira exchange rate remain significant for households and businesses with foreign currency obligations.
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