The naira opens Friday, October 16, 2026, much as it has all week: held inside a narrow band at the official window while the parallel market trades a few dozen naira higher. At the Nigerian Foreign Exchange Market (NFEM), the dollar changes hands at roughly ₦1,330 to ₦1,333. On the street, Bureau de Change (BDC) operators are quoting about ₦1,375 to ₦1,390 for anyone who wants to buy dollars.
One note before the numbers. The Central Bank of Nigeria (CBN) publishes each day’s closing rate after trading ends, so Friday’s official figure is not out yet. The rates below are the latest available as of Friday morning, carried over from Thursday’s session and the days before it.
Dollar to Naira Today at a Glance
| Market | Dollar buying rate | Dollar selling rate | Note |
|---|---|---|---|
| Official (NFEM / CBN) | ₦1,330 – ₦1,333 | ₦1,330 – ₦1,333 | Thursday’s range; midday spot about ₦1,330.13 |
| Black market (BDC) | ₦1,355 – ₦1,375 | ₦1,375 – ₦1,390 | Varies by city, dealer and transaction size |
“Buying” and “selling” here are from the dealer’s side. A BDC buys dollars from you at the lower figure and sells them to you at the higher one.
Official Market: What the NFEM and CBN Rates Show
On Thursday the naira traded at about ₦1,330 to ₦1,333 per dollar, with the midday spot rate peaking near ₦1,330.13. That left it a shade stronger than earlier in the week, when it briefly slipped to ₦1,335.50. Aboki Forex’s tracker, updated on Thursday afternoon, put the CBN official rate at ₦1,332.59.
The week’s moves have been tiny. The naira closed at ₦1,335.50 on October 13, a loss of ₦2.51, or 0.19 per cent, from ₦1,332.99 the day before. A trader who stepped away on Monday and came back on Thursday would barely notice a difference.
| Date | Official NFEM close (₦/$) |
|---|---|
| Tuesday, October 6 | 1,331.50 |
| Wednesday, October 7 | 1,332.75 |
| Monday, October 12 | 1,332.99 |
| Tuesday, October 13 | 1,335.50 |
| Thursday, October 15 | about 1,330 – 1,333 |
Source: CBN data as reported by Nairametrics, Arbiterz and other market trackers. Thursday’s figure is a trading range, not a confirmed close.
Trading volumes have been healthy. NFEM turnover crossed $1 billion on October 6, reaching $1.014 billion, the highest figure in the early-October data. Volumes then swung from session to session, which is normal for the market.
Black Market Dollar to Naira Rate Today
On the parallel market, dealers in Lagos, Abuja, Kano and Port Harcourt quoted the dollar at about ₦1,375 when buying and ₦1,390 when selling on Thursday, a ₦15 spread. Other trackers show slightly lower figures. Aboki Forex listed ₦1,370 on Thursday afternoon. The upshot is that most dealers sit between ₦1,370 and ₦1,390, depending on where you stand and how much you are changing.
| Date | Parallel market (₦/$) |
|---|---|
| October 6 | about 1,357 |
| October 12 | 1,365 buy, 1,373 – 1,375 sell |
| October 13 | 1,365 buy, 1,373 sell (Lagos); up to 1,390 elsewhere |
| October 14 | 1,363 – 1,375 |
| October 15 | 1,370 – 1,390 |
Compiled from BDC quotations reported by Aboki FX, Investors King, Vanguard and others. Figures differ by tracker.
How Wide Is the Gap Between the Official and Parallel Rates?
At the official ₦1,332 and a parallel selling rate of ₦1,375 to ₦1,390, the street premium is about ₦43 to ₦58 per dollar, or roughly 3 to 4 per cent. One market tracker put the gap at about ₦57, a little over 4 per cent.
That is a long way from the start of the year. In January the official rate sat near ₦1,420 and the parallel market was quoted at ₦1,482 to ₦1,495, a gap of more than ₦60. The spread has narrowed even as both rates have improved.
How Much Is $100, $500, $1,000 and $5,000 in Naira Today?
| Amount | Official (₦1,332) | Black market (₦1,375) | Black market (₦1,390) |
|---|---|---|---|
| $100 | ₦133,200 | ₦137,500 | ₦139,000 |
| $500 | ₦666,000 | ₦687,500 | ₦695,000 |
| $1,000 | ₦1,332,000 | ₦1,375,000 | ₦1,390,000 |
| $5,000 | ₦6,660,000 | ₦6,875,000 | ₦6,950,000 |
These are straight multiplications and leave out any charges, which vary from operator to operator.
Why the Naira Has Been So Steady
Several things are holding the currency in place.
Reserves are high: The CBN’s MPC communiqué put gross external reserves at about $55.25 billion as of September 18. Later data showed them at $55.076 billion on October 9, up slightly from $55.067 billion. A large buffer gives the central bank room to step in when pressure builds.
The naira has already recovered a lot: BusinessDay noted that the currency firmed from about ₦1,368 at the end of July to around ₦1,315 in early September. Analysts quoted by Legit said the run could give the naira its strongest annual performance since 2018. Since then it has drifted a little weaker and settled in the ₦1,330 area.
Interest rates and inflation have moved: On September 22, the CBN’s Monetary Policy Committee cut the benchmark rate by 350 basis points, from 26.5 per cent to 23 per cent. The decision came as headline inflation eased to 15.39 per cent in August from 15.43 per cent in July. A lower policy rate can make naira assets less attractive to foreign investors, so the next MPC meeting, scheduled for November 23 to 24, will be watched closely for any effect on dollar inflows.
Underlying value: In June, the IMF’s assessment, as reported by BusinessDay, estimated the naira to be undervalued by about 25.6 per cent on a real effective basis. The Fund also urged the CBN to publish the principles behind its FX interventions. Analysts have also cautioned that heavy reserve-building can slow the naira’s adjustment toward its natural level.
Pound and Euro Against the Naira
For readers who also track other currencies, Monierate’s parallel-market feed on October 15 showed the pound at about ₦1,798 and the euro at about ₦1,519. Treat these as indicative, since official-window rates for both currencies differ slightly.
Where to Check the Rate Before You Trade
- CBN website: the central bank publishes NFEM rates on its official exchange-rate portal after each session.
- Your bank or licensed BDC: the final rate you get depends on the operator, the amount and the time of day.
- Compare two or three quotes before you convert a large sum, particularly on the parallel market, where prices move through the day.
Frequently Asked Questions
What is the dollar to naira rate today, October 16, 2026?
At the official NFEM window, the rate is about ₦1,330 to ₦1,333 per dollar. On the black market, BDC operators are selling at roughly ₦1,375 to ₦1,390.
What is the difference between the NFEM rate and the CBN rate?
The NFEM rate reflects dealings in the official market, and the CBN publishes it as the day’s reference and closing rate. In everyday reporting the two figures are usually almost the same.
Why is the black market rate higher than the official rate?
Demand for dollars outside the official window, from travellers, importers and small businesses that cannot always get FX through banks, keeps parallel prices above the NFEM level. The premium is now only a few per cent.
Will the naira gain or lose against the dollar next week?
Nobody can say for sure. The recent pattern is small daily changes inside a tight range, but reserves, oil earnings, portfolio flows and the November MPC meeting could shift sentiment.
