The naira traded at ₦1,346.26 against the United States dollar at the official foreign exchange market on Monday, November 2, 2026, while the parallel market quoted the dollar at approximately ₦1,386.36.
Key Highlights
- Official NFEM average rate: ₦1,346.2565/$ (Friday, October 30); closing rate ₦1,346.00/$.
- Parallel market: ₦1,380.59 buying, ₦1,386.36 selling (Sunday, November 1).
- Gap between official and parallel market rates: about ₦40.10 per dollar.
- $100 = about ₦134,626 (official) or ₦138,636 (parallel market).
The latest exchange rate figures show a difference between the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, reflecting varying foreign exchange supply and demand conditions.
Official Market (NFEM) Rate
According to data published by the Central Bank of Nigeria (CBN), the naira traded at an average rate of ₦1,346.2565 per dollar on Friday, October 30, the latest available official trading data ahead of Monday’s session.
The official market also recorded a closing rate of ₦1,346.00 per dollar, indicating a marginal improvement from the previous trading session.
The NFEM rate, determined by the volume-weighted average of transactions in the official foreign exchange market, serves as the benchmark for official foreign currency transactions in Nigeria.
Black Market (Parallel Market) Rate
In the parallel market, also known as the black market, currency dealers quoted the dollar at approximately ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1.
This means Nigerians looking to purchase one dollar from parallel market operators would need approximately ₦1,386, although the actual rate may vary depending on the dealer and location.
The parallel market exchange rate is indicative and may change throughout the day in response to foreign exchange demand and supply.
Read also:
- Naira to Dollar Exchange Rate Today, October 31, 2026: Black Market Rate Hits ₦1,384/$
- Dollar To Naira Exchange Rate Today, October 30, 2026: Naira Trades At ₦1,385/$ In Black Market
- Naira Trades At ₦1,346/$ As Gap Between Official, Black Market Rates Widens
Gap Between Official And Parallel Markets
The difference between the official NFEM average rate of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 stands at approximately ₦40.10 per dollar.
The gap reflects differences in foreign exchange availability, demand and pricing across the two market segments.
For individuals and businesses purchasing dollars, the parallel market selling rate remains an important consideration, particularly for transactions that cannot be processed through official banking channels.
How Much Is $100 In Naira Today?
At the official NFEM rate of ₦1,346.26 per dollar, $100 is equivalent to approximately ₦134,626.
Meanwhile, at the parallel market selling rate of ₦1,386.36, $100 would cost approximately ₦138,636.
The figures are indicative and may differ from the actual rates offered by banks and individual currency dealers.
Nigerians are advised to confirm prevailing exchange rates with their banks or licensed Bureau de Change operators before carrying out foreign exchange transactions.
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