The naira opened at ₦1,339.93 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 27, 2026, while the dollar traded at up to ₦1,385 in the parallel market.
Key Highlights
- Official (NFEM) opening rate: ₦1,339.93 per dollar.
- Black market buying rate: ₦1,370 per dollar.
- Black market selling rate: ₦1,380 to ₦1,385 per dollar.
- Gap between the official rate and the highest parallel-market selling price: ₦45.07.
- $100 costs about ₦138,500 on the black market at ₦1,385.
The latest naira to dollar exchange rate today reflects differing quotations across Nigeria’s official and parallel foreign exchange markets, with currency dealers in major commercial centres, including Lagos and Abuja, quoting different buying and selling prices.
Figures reported by Techeconomy showed that parallel-market dealers bought the dollar at approximately ₦1,370 and sold it at rates ranging from ₦1,380 to ₦1,385.
The rates may vary depending on the dealer, location, transaction size and availability of foreign currency.
At the reported official opening rate of ₦1,339.93, the difference between the NFEM rate and the highest parallel-market selling price of ₦1,385 was ₦45.07 per dollar.
The parallel-market selling rate represents the amount customers may pay to purchase dollars from currency dealers, while the buying rate indicates how much dealers offer customers selling their dollars.
Naira to Dollar Official Rate Today
At the official market, the naira opened at ₦1,339.93 per dollar on Tuesday, according to the figures reported by Techeconomy.
The NFEM serves as Nigeria’s official foreign exchange trading platform, where rates are influenced by market demand and supply, alongside other economic factors.
However, the opening quotation may differ from the rate recorded later in the trading session. Customers should confirm the applicable rate with their banks or authorised foreign exchange providers before initiating transactions.
Dollar to Naira Exchange Rate Today on the Black Market
In the parallel market, commonly called the black market, currency dealers quoted the dollar at the following indicative rates on Tuesday:
- Buying rate: ₦1,370 per dollar
- Selling rate: ₦1,380 to ₦1,385 per dollar
These quotations are indicative and are not uniform across all locations or dealers. Customers should confirm the actual rate before exchanging money.
How Much Is $100, $500, $1,000 in Naira Today?
Using the reported parallel-market selling rate of ₦1,385 per dollar, the following conversions apply:
- $100: ₦138,500
- $500: ₦692,500
- $1,000: ₦1,385,000
At the reported official opening rate of ₦1,339.93 per dollar, the same amounts would be worth approximately ₦133,993, ₦669,965 and ₦1,339,930, respectively.
These calculations exclude transaction fees and other applicable charges. Actual amounts may differ depending on the exchange channel and rate available when the transaction is completed.
Read also:
- Naira to Dollar Exchange Rate Today, October 23, 2026: Official, Black Market Rates
- Naira to Dollar Exchange Rate Today, October 22, 2026: Official Rate at ₦1,331.45, Black Market at ₦1,375
- Dollar to Naira Exchange Rate Today, October 20, 2026: Official and Black Market Rates
What Drives the Naira Exchange Rate
Demand for dollars from importers, businesses and individuals making international payments continues to influence exchange-rate movements in Nigeria.
Other factors include foreign capital inflows, the supply of foreign currency through authorised channels and the foreign exchange policies of the Central Bank of Nigeria.
Changes in the exchange rate have implications for businesses that depend on imported goods, raw materials, machinery and technology services.
When the naira weakens, the local-currency cost of dollar-denominated purchases generally increases, potentially putting pressure on operating expenses and consumer prices.
For Nigerians planning international payments, purchasing goods from overseas or exchanging foreign currency, checking the latest available rate before completing a transaction remains important.
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