The naira traded at ₦1,333.64 per dollar in Nigeria’s official foreign exchange market on Wednesday, October 21, 2026, while the dollar exchanged for about ₦1,380 in the parallel market.
Key Highlights
- Official market: dollar bought at ₦1,332.64 and sold at ₦1,333.64.
- Parallel market: dollar bought at about ₦1,365 and sold at about ₦1,380.
- $1,000 costs about ₦1,333,640 officially and ₦1.38 million in the parallel market.
- Gap between both markets stands at ₦46.36 per dollar.
- Buyers of $1,000 in the parallel market pay about ₦46,360 more.
The latest exchange rates show a difference between the official and parallel markets, with the dollar selling at a higher rate among bureau de change operators and other parallel-market dealers.
Exchange rates may vary depending on the location, demand for foreign currencies and individual dealers.
Official Market Rate
According to the latest Central Bank of Nigeria (CBN) data cited in the exchange rate report, the dollar recorded a buying rate of ₦1,332.64 and a selling rate of ₦1,333.64 in the official market.
At the official selling rate of ₦1,333.64, $100 is worth approximately ₦133,364, while $500 exchanges for about ₦666,820.
Similarly, $1,000 is valued at approximately ₦1,333,640 at the official market rate.
Parallel Market Rate
In the parallel market, the dollar was quoted at approximately ₦1,365 for buying and ₦1,380 for selling on Wednesday.
Based on the parallel-market selling rate, $100 is equivalent to ₦138,000, while $500 amounts to ₦690,000.
For $1,000, buyers would need approximately ₦1.38 million at the quoted selling rate.
The difference between the official selling rate of ₦1,333.64 and the parallel-market selling rate of ₦1,380 stands at ₦46.36 per dollar.
This means that individuals purchasing $1,000 at the parallel-market selling rate would pay about ₦46,360 more than they would at the official rate, excluding transaction charges and other applicable costs.
Read also:
- Dollar to Naira Exchange Rate Today, October 20, 2026: Official and Black Market Rates
- Naira To Dollar Exchange Rate Today: Dollar Sells For ₦1,390 As Naira Opens Week
- Dollar to Naira Exchange Rate Today, October 16, 2026: How Much $100, $500 and $1,000 Cost on the Black Market
The naira’s performance in both markets continues to depend on several factors, including dollar demand, foreign exchange supply, market liquidity and developments affecting Nigeria’s foreign exchange market.
While the official rate remained around the ₦1,330 level, the parallel market continued to quote the dollar at a higher rate.
Individuals and businesses making foreign currency transactions are advised to confirm prevailing rates with their banks or authorised dealers before completing transactions, as exchange rates can change during the day.
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