The naira goes into the new week on the back foot. After more than three weeks of near-flat trading, the currency lost ground on Thursday and Friday, and the dollar to naira today picture looks quite different from what many rate trackers are still showing.
Because it is Sunday, the Nigerian Foreign Exchange Market (NFEM) is closed. The figures below are the final numbers from Friday, October 23, and they will hold until trading resumes on Monday.
Dollar to Naira Today at a Glance
| Market | Rate per $1 | Note |
|---|---|---|
| Official NFEM (CBN weighted average) | ₦1,361.84 | Friday, October 23 |
| Official NFEM (closing rate) | About ₦1,370 | Friday, October 23 |
| Black market (Lagos, reported range) | ₦1,367 to ₦1,385 | Depends on the tracker and the dealer |
| Bureau de change (BDC) | About ₦1,375 | Friday close |
| Gap between official and parallel | About ₦23 to ₦24 | Roughly 1.76% |
Several websites are still publishing a “dollar to naira” rate of around ₦1,332. That was accurate for most of October but it is out of date. If you are budgeting for school fees, an import payment or a trip abroad, work with the newer figures.
What Happened to the Naira This Week
For weeks, the official rate barely moved. Central bank data show closing rates stuck between ₦1,329.50 and ₦1,337 per dollar from late September through October 21. That calm broke on Thursday.
| Date | NFEM rate (₦/$) | What happened |
|---|---|---|
| Friday, Oct 16 | 1,332.26 | Naira slipped by about 64 kobo |
| Tuesday, Oct 20 | 1,333.65 | Trading stayed in its usual narrow band |
| Wednesday, Oct 21 | 1,334.72 | Closed at ₦1,337 as dollar demand began to pick up |
| Thursday, Oct 22 | 1,344.40 | Biggest daily slide in weeks, about 0.72% |
| Friday, Oct 23 | 1,361.84 | Lost ₦17.44, or 1.28%, on record turnover |
According to BusinessDay, turnover in the interbank market jumped by more than 219 percent on Friday to an all-time high of $1.01 billion, up from about $316.6 million the day before. The number of deals climbed from 181 to 315. The CBN also increased its own dollar sales to meet the rush. Even so, the naira kept sliding, which tells you that demand was heavier than supply.
Put simply, the naira has lost nearly ₦30 against the dollar since October 16, or about 2.2%. A Substack market digest described it as the weakest official level since August.
Black Market Dollar to Naira Rate Today
On the street, the reaction was milder. BusinessDay reported that the parallel market closed Friday at ₦1,385 per dollar, from ₦1,373 the day before. Vanguard quoted a lower figure of ₦1,367 for the same market, up from ₦1,363, which shows how much street rates vary between sources and cities. Aboki Forex put its black market rate at ₦1,372 on Saturday evening.
A sensible working range for buying dollars in Lagos is ₦1,370 to ₦1,385. Dealers in Abuja, Kano and Port Harcourt often quote slightly different numbers, and the rate you get will depend on the amount and how urgently you need it.
The interesting part is the spread. When the official rate jumped, the gap between the two markets shrank to about ₦24 from ₦33 earlier in the period. The official market is catching up with the street, rather than the other way round.
How Much Is $1, $100, $500 and $1,000 in Naira Today?
The table below uses the CBN weighted average of ₦1,361.84 and a black market selling rate of ₦1,385.
| Dollar amount | Official NFEM (₦) | Black market (₦) |
|---|---|---|
| $1 | 1,361.84 | 1,385 |
| $50 | 68,092 | 69,250 |
| $100 | 136,184 | 138,500 |
| $500 | 680,920 | 692,500 |
| $1,000 | 1,361,840 | 1,385,000 |
| $5,000 | 6,809,200 | 6,925,000 |
Banks add their own charges and margins, so the amount that lands in your account may differ slightly from the official column.
Why the Naira Lost Ground
A few things are behind the slide.
Heavy dollar demand: Importers, travellers, students paying tuition and companies settling foreign obligations all wanted dollars at once. Cowry Asset Management analysts said in their weekly outlook that the naira is likely to stay under pressure because of persistent demand and market uncertainty.
The interest rate cut: In September, the Central Bank of Nigeria cut its benchmark Monetary Policy Rate to 23%, the lowest in 31 months. Economist Bismarck Rewane warned at the time that lower returns on naira assets could weigh on the currency, since foreign investors who park money in Nigerian bonds and treasury bills earn less than before. Governor Olayemi Cardoso acknowledged that narrower interest rate gaps bring exchange rate and portfolio flow risks.
Reserves are a cushion, not a guarantee: Nigeria’s external reserves have climbed this year, and one market digest put them at around $55.15 billion on Friday. Cowry’s analysts said the modest rise in reserves could offer some support. Still, a large buffer does not stop a bad week, as the past few days showed.
Frequently Asked Questions
What is the dollar to naira rate today?
The official NFEM rate is ₦1,361.84 per dollar, based on Friday’s CBN data, with the closing rate at about ₦1,370. Markets are closed on Sunday.
What is the black market dollar rate today?
Dealers are selling at roughly ₦1,370 to ₦1,385 per dollar, depending on location and source.
How much is $100 in naira today?
About ₦136,184 at the official rate and around ₦138,500 on the parallel market.
Why did the naira fall on Thursday and Friday?
Strong dollar demand and record interbank turnover outpaced supply, even with extra CBN dollar sales.
