The naira starts Thursday where it has spent most of October, close to ₦1,334 at the official window and a little weaker on the street. Aboki Forex put the official CBN rate at ₦1,333.65 midday on Wednesday, with the black market at about ₦1,370. Anyone checking the dollar to naira rate this morning will find the two markets still separated by a gap of about ₦40 to ₦55.
Dollar to Naira Today at a Glance
| Market | Rate per $1 | Note |
|---|---|---|
| Official NFEM / CBN | about ₦1,333.65 | Latest published figure |
| Black market (buying) | ₦1,365 to ₦1,375 | What dealers pay you for dollars |
| Black market (selling) | ₦1,375 to ₦1,390 | What you pay to buy dollars |
| Gap (selling vs official) | about ₦36 to ₦56 | Roughly 2.7% to 4.2% |
Street rates change by the hour and by city. Treat these as a guide, and confirm the figure with your bank or a licensed dealer before you transact.
Official Market: What the NFEM and CBN Figures Show
The Nigerian Foreign Exchange Market (NFEM) has been calm for weeks. The naira gained 11 kobo on Tuesday to close at ₦1,333.65 per dollar, from ₦1,333.76 at the previous session. Trading volume was thin that day. Interbank turnover rose 48.18% to $60.72 million across 70 deals.
The week behind us looks like this:
| Date | Official NFEM rate (₦/$) |
|---|---|
| Wednesday, October 14 | 1,332.59 |
| Thursday, October 15 | 1,331.61 |
| Friday, October 16 | 1,332.26 |
| Monday, October 19 | 1,333.76 |
| Tuesday, October 20 | 1,333.65 |
The week of October 12 to 16 ended with a close of ₦1,332.26. Since then the naira has slipped by roughly ₦1.40. That is barely a movement in a market where daily swings of ₦20 to ₦30 were routine two years ago.
Black Market Dollar to Naira Rate Today
On the street, quotes vary a little depending on who you ask. Bureau De Change operators were buying dollars at about ₦1,365 and selling at around ₦1,380 on Wednesday. Another tracker had buying at ₦1,370 and selling at ₦1,375. Abokifx-style listings carried a selling rate of ₦1,390.
So the working range for buying a dollar in Lagos today is about ₦1,375 to ₦1,390. For selling, expect ₦1,365 to ₦1,375. Pounds and euros trade at a stiffer premium. One tracker had the pound selling at ₦1,820 and the euro at ₦1,520.
How Much Is $100, $500 and $1,000 in Naira Today?
The table uses the official rate of ₦1,333.65 and a black market selling rate of ₦1,380.
| Amount | Official rate (₦) | Black market (₦) |
|---|---|---|
| $1 | 1,333.65 | 1,380 |
| $50 | 66,682.50 | 69,000 |
| $100 | 133,365 | 138,000 |
| $500 | 666,825 | 690,000 |
| $1,000 | 1,333,650 | 1,380,000 |
| $5,000 | 6,668,250 | 6,900,000 |
On a $1,000 transaction, the street premium costs you about ₦46,000 more than the official rate. That is the reason importers, students paying school fees abroad and travellers still try to reach the official window first.
Why the Naira Has Been So Steady
Several things are holding the currency in place.
Reserves are at multi-year highs: The MPC communiqué put gross external reserves at about $55.25 billion as of September 18. That is up from $45.57 billion on January 2, a gain of $9.29 billion in nine months. A bigger cushion gives the CBN room to step in if pressure builds.
Inflation is cooling: The National Bureau of Statistics said headline inflation slowed to 14.63% in September from 15.39% in August, against 20.98% a year earlier. Food inflation stood at 19.59% year on year. Slower price growth reduces the pressure on the currency.
The CBN has begun easing: At its 307th meeting on September 22, the Monetary Policy Committee cut the benchmark rate by 350 basis points, from 26.5% to 23%. Governor Olayemi Cardoso said the move was an operational realignment and not a change in the bank’s underlying stance. The cash reserve requirement stayed at 45% for commercial banks, and the next meeting is set for November 23 to 24.
How the Naira Has Moved This Year
| Period | Official NFEM (₦/$) | Black market (₦/$) |
|---|---|---|
| January 2026 | about 1,419 | about 1,485 |
| June 2026 | about 1,378 | about 1,413 |
| End of July | about 1,368 | n/a |
| Early September | about 1,315 | n/a |
| October 20, 2026 | 1,333.65 | about 1,380 |
In January, the naira traded at ₦1,418.95 officially and ₦1,485 in the parallel market. That means the official rate has gained about ₦85 since the start of the year. The street premium has also narrowed sharply, from around ₦66 to roughly ₦46. The naira reached about ₦1,315 in early September, its strongest level of the period, so the recent drift to ₦1,333 is a small giveback and not a reversal.
For context, the CBN’s 2026 outlook forecast an average of ₦1,400 per dollar for the year. The naira is currently trading stronger than that.
What to Watch Next
Three things could shift the rate in the coming weeks.
- The November MPC meeting. Further cuts could reduce the appeal of naira assets to foreign investors.
- Reserve data. A fall in the CBN’s weekly figures would be the first sign that its support is thinning.
- Pre-election spending. The CBN has flagged higher-than-expected spending ahead of the 2027 polls as a risk to its inflation outlook.
For now, most analysts expect the naira to stay in a narrow range, barring a shock in oil prices or capital flows.
Dollar to Naira Today: Frequently Asked Questions
What is the dollar to naira rate today?
The official NFEM rate is about ₦1,333.65 per dollar, and the black market sells at roughly ₦1,375 to ₦1,390.
What is the CBN rate today?
The latest published CBN figure is ₦1,333.65 per dollar.
How much is $100 in naira today?
About ₦133,365 at the official rate and ₦138,000 at a black market selling rate of ₦1,380.
Why is the black market rate higher than the official rate?
Demand for dollars from individuals and small businesses outside the banking channel pushes the street price above the official one. The premium has shrunk considerably this year.
Will the naira strengthen further?
Strong reserves and cooling inflation support the currency, but the recent trend is flat to slightly weaker. Nobody can reliably call the next move.
