The dollar to naira rate opened Friday, October 23, 2026, with the naira holding steady near ₦1,331 at the official window. The parallel market was quoting between ₦1,375 and ₦1,390 for a dollar.
Early spot deals at the Nigerian Foreign Exchange Market (NFEM) were hovering between ₦1,330.95 and ₦1,332.00 per dollar, which kept the currency stable after a few days of small swings. At that level, $100 fetches roughly ₦133,095 through official banking and NFEM channels, against as much as ₦138,000 from parallel-market operators.
Dollar to Naira Today at a Glance
| Market | Rate per $1 | Note |
|---|---|---|
| Official NFEM / CBN (early Friday) | ₦1,330.95 – ₦1,332.00 | Indicative opening range |
| Official NFEM / CBN (Thursday, Oct 22) | About ₦1,339 | Reported by Reuters |
| Black market, buying | ₦1,360 – ₦1,375 | Varies by city and dealer |
| Black market, selling | ₦1,375 – ₦1,390 | Lagos and Abuja quotes |
The numbers differ slightly depending on the source and the time of day. Bureau de change operators in Lagos and Abuja were quoting buying rates around ₦1,360 to ₦1,365 and selling rates between ₦1,375 and ₦1,380 on Friday morning. Aboki Forex, one of the most watched trackers, had the black market at ₦1,375 and the CBN rate at ₦1,334.72 on Thursday afternoon.
Official NFEM and CBN Rate: What Happened This Week
The official window has been calm for most of October, with small moves in both directions. The naira slipped to ₦1,335.50 per dollar on October 13, its weakest close since August, then recovered. It gained 98 kobo to close at ₦1,331.61 on October 15.
Midweek brought some pressure. On Wednesday, October 21, the naira traded at ₦1,334.72 and closed at ₦1,337.00. Reuters put the official rate at around ₦1,339 on Thursday, compared with the ₦1,337 close the day before, as demand for foreign currency picked up.
| Date | Official NFEM rate (₦/$) | What happened |
|---|---|---|
| Oct 13 | 1,335.50 | Weakest close since August |
| Oct 15 | 1,331.61 | Naira gained 98 kobo |
| Oct 16 | 1,332.26 | Slight slip of about 64 kobo |
| Oct 20 | 1,333.65 | Gained 11 kobo on higher turnover |
| Oct 21 | 1,337.00 | Closed weaker after trading near 1,334.72 |
| Oct 22 | About 1,339 | Demand for dollars picked up |
| Oct 23 | 1,330.95 – 1,332.00 | Early-session range |
Trading activity has been rising. Interbank turnover jumped 48.18% to $60.72 million on October 20. Aboki Forex also flagged a 110% rise in official FX turnover on Thursday.
Black Market Dollar Rate Today
In the parallel market, the dollar stays more expensive than at the official window. Latest quotes show about ₦1,375 for buying and ₦1,390 for selling, a gap of ₦15 between the two. Earlier in the week, the market was a little cooler. On Wednesday, Aboki FX put buying and selling at ₦1,373 and ₦1,378.
Compared with a few months ago, the gap between the two markets has shrunk a great deal. On August 6, black market rates stood between ₦1,415 and ₦1,420. One recent report said the gap between the official and parallel rates had narrowed to below 3%.
| Amount | Official rate (₦1,331) | Black market sell rate (₦1,380) |
|---|---|---|
| $50 | ₦66,550 | ₦69,000 |
| $100 | ₦133,100 | ₦138,000 |
| $200 | ₦266,200 | ₦276,000 |
| $500 | ₦665,500 | ₦690,000 |
| $1,000 | ₦1,331,000 | ₦1,380,000 |
These are rounded estimates. The real amount you get depends on the dealer, the city and how much you are changing.
Pound and Euro Against the Naira
The CBN’s latest published cross rates are a few days old, so treat them as a guide. On October 15, the naira closed at ₦1,764.26 to the pound and ₦1,490.48 to the euro. By October 20, the euro had edged up to ₦1,497.29.
Why the Naira Has Stayed So Steady
Several things are holding the currency in a tight band.
Reserves are at multi-year highs: Nigeria’s external reserves rose to $58.81 billion on October 12, the highest since November 2008. The figure was $55.08 billion just three days earlier, although the data does not explain the jump. Net reserves have also climbed to $46 billion.
Bigger reserves do not guarantee a stronger naira every day: The naira weakened on October 13 even with the reserve gain, since reserve growth does not always lift the currency in every session.
Interest rates have come down: At its September 22 meeting, the Monetary Policy Committee cut the benchmark rate by 350 basis points, from 26.5% to 23%. Analyst Bismarck Rewane had warned the cut could put pressure on the naira.
The official rate is stronger than at the start of the year: It has gained about ₦85 since January. Early June saw it near ₦1,357, so the recovery has been gradual.
Friday’s stability also owes something to steady diaspora remittances and foreign portfolio interest in Nigerian yield instruments, according to market participants.
Analysts point to a few things to watch:
- Dollar demand around year-end. School fees, travel and import orders usually rise in the final quarter.
- Reserve levels. The CBN has projected reserves of $51.04 billion for 2026, a target already passed.
- Oil prices and export earnings. Stronger export earnings, capital inflows and better dollar liquidity could help limit big swings.
- Further rate decisions from the CBN.
Tips for People Buying or Selling Dollars
- Compare quotes from at least two or three dealers before you trade.
- If you need dollars for school fees, medical bills or business imports, use a licensed bank or bureau de change. It will usually leave a paper trail.
- Rates change several times a day, so a number you saw in the morning may not hold by afternoon.
Frequently Asked Questions
What is the dollar to naira rate today?
At the official NFEM, about ₦1,331 to ₦1,332 per dollar. In the black market, roughly ₦1,375 to ₦1,390.
What is the CBN rate today?
The latest published CBN figures put the rate between ₦1,331 and ₦1,339 per dollar, depending on the session.
How much is $100 in naira today?
About ₦133,100 at the official rate, and between ₦137,500 and ₦139,000 in the parallel market.
Why is the black market rate higher than the official rate?
Demand for dollars is higher than the supply available through official channels, so parallel-market dealers charge a premium.
