The naira had a mixed Wednesday against the US dollar. The currency strengthened at the official Nigerian Foreign Exchange Market (NFEM) while weakening in the parallel market. Anyone checking the dollar to naira rate today will find two different numbers, and the distance between them grew overnight.
Dollar to Naira Rate Today at a Glance
| Market | Oct 7, 2026 | Oct 6, 2026 | Movement |
|---|---|---|---|
| Official (NFEM) | ₦1,331.50/$ | ₦1,332.90/$ | Naira up ₦1.40 |
| Parallel (black) market | ₦1,362/$ | ₦1,357/$ | Naira down ₦5 |
| Gap between the two | ₦30.50 | ₦24.10 | Wider by ₦6.40 |
Central Bank of Nigeria (CBN) data showed the naira gained ₦1.40 at the official window, moving from ₦1,332.90 to ₦1,331.50 per dollar. In the parallel market, the dollar rose to about ₦1,362 from ₦1,357 on Tuesday. The spread is now ₦30.50 per dollar, up from ₦24.10 the day before.
Official Market: A Small Gain in a Very Quiet Range
A ₦1.40 move is not much, and it needs to be read against the past few weeks. The naira has barely left the ₦1,330 area since late September. On September 28, it traded between ₦1,330 and ₦1,332 before closing at ₦1,331.50, which is exactly where it sits today.
What changed is trading volume. FX turnover at the NFEM surged to $313.6 million on Wednesday. That is a clear jump from the $196.7 million recorded on September 28, which was the lowest in seven weeks. More dollars changed hands, yet the price barely moved. Traders usually read that as a sign of a market that is steady rather than stressed.
Earlier this year the picture was different. In June the official rate hovered around ₦1,373 per dollar, and in mid-July it was near ₦1,382. The naira then climbed through August and, on September 1, closed at ₦1,329 and broke below ₦1,330 for the first time since 2024.
Black Market: The Dollar Gets a Little More Expensive
Street traders were asking for more dollars in naira on Wednesday. Aboki Forex, a widely used tracker, showed a black-market rate of ₦1,360 early in the morning, against a CBN official rate of ₦1,330.87. By the time market reports were compiled, the quote had settled around ₦1,362.
Expect small differences between sources. Parallel-market prices change by location, dealer and transaction size, and buying and selling rates are never identical. If you are quoted ₦1,355 in one place and ₦1,365 in another, neither is necessarily wrong.
Why the Gap Has Shrunk So Much
A ₦30.50 spread sounds like a lot until you look at where it was a month ago. On September 7, the parallel selling rate of ₦1,400 sat about ₦78 above the official rate. In August, the spread was about ₦62 per dollar. Today’s gap is roughly 2.3 per cent of the official rate.
Analysts point to external reserves as one of the main supports. Reserves rose from $45.57 billion on January 2 to $54.86 billion by September 24, a 20.4 per cent gain, and that is above the CBN’s year-end projection of $51.04 billion. In July, Governor Olayemi Cardoso credited the reforms of recent years and said the gap between official and bureau de change rates had narrowed to under 2 per cent.
Some economists urge caution. One analyst noted that stronger reserves do not mean the country’s underlying external vulnerabilities have disappeared. A comfortable reserve position also does little for households still dealing with high prices and expensive credit.
How Much Is a Dollar Worth in Naira Today?
| Amount in USD | At official rate (₦1,331.50) | At parallel rate (₦1,362) |
|---|---|---|
| $1 | ₦1,331.50 | ₦1,362 |
| $10 | ₦13,315 | ₦13,620 |
| $50 | ₦66,575 | ₦68,100 |
| $100 | ₦133,150 | ₦136,200 |
| $500 | ₦665,750 | ₦681,000 |
| $1,000 | ₦1,331,500 | ₦1,362,000 |
| $5,000 | ₦6,657,500 | ₦6,810,000 |
On a $1,000 transaction, the difference between the two markets is ₦30,500. For school fees, travel or import payments, that can matter.
Dollar to Naira Trend: How We Got Here
| Date | Official (NFEM) | Parallel market |
|---|---|---|
| June 3, 2026 | ₦1,373.25 | ₦1,385 to ₦1,400 |
| July 15, 2026 | ₦1,382 | ₦1,412 |
| September 3, 2026 | ₦1,329.12 | ₦1,395 |
| September 7, 2026 | ₦1,321.68 | ₦1,400 (selling) |
| October 6, 2026 | ₦1,332.90 | ₦1,357 |
| October 7, 2026 | ₦1,331.50 | ₦1,362 |
The official rate has settled in a band between roughly ₦1,320 and ₦1,335 since early September. The parallel market has stayed more restless, drifting between ₦1,357 and ₦1,400 over the same period.
The year-on-year comparison is the most striking. On October 6, 2025, the naira traded around ₦1,466 at the official window and ₦1,450 on the parallel market. Against that, the official rate today is about ₦134 stronger, an improvement of roughly 9 per cent.
What to Watch Next
Three things are likely to drive the next move:
- FX supply and demand: A busy NFEM session that leaves the rate almost unchanged suggests dollars are available. A fall in supply would show up first in the parallel market.
- Reserves: The CBN’s next reserve update will show whether the accumulation seen through September has continued.
- Interest rates: The CBN has kept its benchmark rate at 26.5 per cent, and any change in stance would affect both foreign investor appetite and the naira.
Frequently Asked Questions
What is the dollar to naira rate today?
On October 7, 2026, the official NFEM rate is ₦1,331.50 per dollar and the parallel market rate is about ₦1,362.
Why is the black market rate higher than the official rate?
The parallel market is where buyers who cannot get dollars through formal channels, or who want cash quickly, are willing to pay more. The premium reflects demand that the official window does not fully satisfy.
Is the naira getting stronger?
Over the past year, yes. Against the dollar it has gained roughly 9 per cent at the official window. Over the past week, it has been essentially flat.
Which rate should I use for a transaction?
It depends on the channel. Payments through banks and authorised dealers generally follow the official market, while cash deals on the street follow the parallel rate. Always confirm the rate immediately before you transact, since quotes can change within hours.
