The naira opened Thursday, October 8, 2026, largely unchanged in the official foreign exchange market, while the currency remained weaker on the parallel market.
At the Central Bank of Nigeria’s official window on Tuesday, October 6, the naira traded at ₦1,330.8745 per dollar before closing at ₦1,331.50. The figure represented a slight improvement from the previous day’s close of ₦1,332.90 per dollar.
The CBN had not published Thursday’s figures at the time of filing, making ₦1,331.50 the latest confirmed official closing rate.
Dollar to naira rates
| Market | Rate per $1 | Source/date |
|---|---|---|
| Official NFEM close | ₦1,331.50 | CBN data via Tribune, October 6 |
| CBN reference rate | ₦1,330.87 | Aboki Forex, October 7 |
| Black market, Lagos | ₦1,360 | Aboki Forex, October 7 |
| Black market, buy/sell | ₦1,360 / ₦1,370 | Aboki FX via Tribune, October 6 |
| Mid-market rate | About ₦1,327 | XE, October 7 |
Aboki Forex quoted the black-market dollar at ₦1,360 and the CBN reference rate at ₦1,330.87 on Wednesday morning, putting the difference at about ₦29 per dollar, or slightly above two per cent.
However, rates differed among market trackers. One parallel-market aggregator quoted the dollar at ₦1,375 to buy and ₦1,390 to sell on October 7.
Parallel-market rates typically vary depending on the city, dealer and transaction size, meaning customers may encounter differences of ₦30 or more compared with the official rate.
Official market remains stable
Trading at the Nigerian Foreign Exchange Market (NFEM) has remained relatively subdued. As of Tuesday, 147 interbank transactions had been recorded, with a turnover of approximately $313.55 million.
The rate has remained close to the CBN’s position on October 2, when the central rate stood at ₦1,329.60, with buying and selling rates of ₦1,329.10 and ₦1,330.10 respectively.
Mid-market figures have also reflected the relative stability. XE’s tracker showed the dollar moving between ₦1,325.11 and ₦1,330.50 over the past seven days, with volatility of just 0.16 per cent.
The movement contrasts sharply with the significant fluctuations experienced by the naira in 2023 and 2024.
Nigeria’s foreign reserves have also provided some support for the currency. Legit.ng recently reported that the country’s external reserves stood at approximately $54.8 billion, providing the CBN with a buffer to manage periods of increased demand for foreign exchange.
However, tighter liquidity and rising demand for dollars can still place some pressure on the naira.
Black-market rate remains higher
The parallel market has remained weaker than the official market, although the difference is less pronounced than it was earlier in the year.
On October 2, the black-market dollar was quoted at ₦1,372 to buy and ₦1,363 to sell, with the currency recording a 0.84 per cent decline over 24 hours.
By October 6, Aboki FX quoted the dollar at ₦1,360 for buying and ₦1,370 for selling.
Other major currencies were also quoted at the following rates on October 7:
| Currency | Buy (₦) | Sell (₦) |
|---|---|---|
| US Dollar | 1,375 | 1,390 |
| British Pound | 1,850 | 1,880 |
| Euro | 1,550 | 1,590 |
| Canadian Dollar | 991 | 1,000 |
The figures are indicative, as rates can vary between dealers and locations.
How much is $100, $500 and $1,000 in naira?
Using the official closing rate of ₦1,331.50 and the ₦1,360 parallel-market rate, common dollar amounts are worth approximately:
| Dollar amount | Official rate | Black-market rate |
|---|---|---|
| $50 | ₦66,575 | ₦68,000 |
| $100 | ₦133,150 | ₦136,000 |
| $500 | ₦665,750 | ₦680,000 |
| $1,000 | ₦1,331,500 | ₦1,360,000 |
| $5,000 | ₦6,657,500 | ₦6,800,000 |
| $10,000 | ₦13,315,000 | ₦13,600,000 |
The figures are indicative, as banks apply their own margins and cash transactions may not be completed at the exact quoted rates.
Naira stronger than at start of 2026
Compared with the beginning of the year, the naira has recovered some ground against the dollar.
On January 7, 2026, the currency opened at about ₦1,432 per dollar in the official market, while parallel-market dealers quoted between ₦1,485 and ₦1,500.
The current official rate represents an improvement of roughly ₦100 from the January level, while the gap between the official and parallel markets has narrowed considerably.
The recovery has not been completely consistent. On July 6, the naira closed at ₦1,368.27 in the official market following a period of gains.
By September, the currency had settled around the ₦1,330 level, with the CBN’s session rate standing at ₦1,331.28 on September 17.
A report at the time also cited Reuters as putting the official rate at about ₦1,328 and the parallel-market rate at ₦1,390, indicating that the gap between both markets had remained relatively stable.
Why official and black-market rates differ
The difference between the official rate and parallel-market rates remains significant for importers, students paying overseas fees and families receiving remittances.
For a $10,000 transaction, a difference of ₦29 per dollar would amount to approximately ₦290,000.
The spread is generally influenced by demand and supply for foreign currency outside the formal banking system.
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, has previously said the naira remained within a relatively stable range, attributing some of the improvement to the CBN’s remittance policy.
A narrow gap between the official and parallel markets can indicate improving confidence in the formal foreign exchange market, while a widening gap may suggest unmet demand.
For now, the latest figures indicate that the difference between both markets remains relatively contained.
What to watch
The CBN’s October 7 and October 8 closing rates will indicate whether the naira maintains its recent stability or loses some of its gains.
Market participants will also be watching parallel-market rates in Lagos and Abuja, where changes can sometimes emerge before they are reflected in official data.
Dollar demand towards the end of the month will also be important, particularly as corporate and import-related transactions traditionally increase.
What is the dollar to naira rate today?
The latest confirmed official closing rate is ₦1,331.50 per dollar, while the black-market rate is around ₦1,360, with some dealers quoting as high as ₦1,390.
Is the naira getting stronger?
The naira has strengthened over the course of 2026, with the official rate moving from about ₦1,432 in January to approximately ₦1,331 currently. However, the currency has recorded little movement over the past week.
Why is the black-market rate higher than the CBN rate?
Parallel-market rates are influenced by individual dealers’ supply and demand for physical dollars, factors that are not fully reflected in the official market.
Where can the official rate be checked?
The CBN publishes NFEM rates on its website, although its figures may reflect trading data with a slight delay.