The dollar-to-naira exchange rate remained relatively steady at around ₦1,330 in Nigeria’s official foreign exchange market on Tuesday, October 20, 2026. However, rates in the parallel market remained higher for buyers seeking physical US dollars.
The latest available foreign exchange data placed the official Nigerian Foreign Exchange Market (NFEM) reference rate at approximately ₦1,332 per dollar. Meanwhile, Bureau De Change (BDC) operators quoted different rates in the parallel market, depending on their locations and transaction sizes.
As of Tuesday morning, the indicative exchange rates were:
- Official NFEM rate: Approximately ₦1,332 per dollar.
- Parallel-market buying rate: Around ₦1,365 per dollar.
- Parallel-market selling rate: Around ₦1,380 per dollar.
These parallel-market figures are indicative and may vary between dealers.
How much is $100 in naira today?
Based on the indicative rates, $100 is equivalent to approximately ₦133,200 at the official reference rate and ₦138,000 at the parallel-market selling rate.
The difference between the two figures reflects the premium often paid by individuals who obtain US dollars through unofficial channels rather than the official foreign exchange market.
The exchange-rate gap has implications for importers, international travellers, students paying tuition fees abroad and businesses with dollar-denominated financial obligations.
Nigerians planning foreign exchange transactions are advised to confirm the applicable rates with their banks or licensed Bureau De Change operators, as prices may change throughout the day.