The Nigerian naira traded around ₦1,330 per US dollar at the official foreign exchange market on Wednesday, October 7, 2026, while the parallel market continued to quote the dollar at a higher rate.
Available market data put the official exchange rate at approximately ₦1,330.87/$, representing a slight movement from the previous trading session.
In the parallel market, the dollar was reportedly bought at about ₦1,355 and sold for approximately ₦1,365, leaving a notable gap between the official and black-market rates.
| Market | Dollar to Naira Rate |
|---|---|
| Official CBN rate | ₦1,330.87/$ |
| Black market buying | ₦1,355/$ |
| Black market selling | ₦1,365/$ |
The official exchange rate serves as the benchmark for transactions carried out through Nigeria’s formal foreign exchange market. However, the actual rate available to customers can vary depending on the bank, transaction type, applicable charges and other factors.
Recent trading figures also showed some weakness in the naira. On October 5, the currency traded at ₦1,331.6875/$ at the Nigerian Foreign Exchange Market before closing at ₦1,332.9000/$.
The difference between the official and parallel markets remains significant for Nigerians and businesses that require access to US dollars. Based on the latest figures, the gap between the official rate of ₦1,330.87 and the parallel-market selling rate of ₦1,365 was approximately ₦34 per dollar.
For individuals looking to buy dollars, the parallel-market rate can change several times during the day depending on dollar demand, available supply and market conditions. Buyers and sellers should therefore confirm the prevailing rate before completing a transaction.
The movement of the naira against the dollar remains closely watched because exchange-rate changes can influence the prices of imported products, international payments, school fees abroad, travel expenses and other dollar-denominated transactions.