The US dollar exchanged for between ₦1,415 and ₦1,430 in Nigeria’s parallel foreign exchange market on Monday, November 9, 2026, as the naira continued to trade weaker than its official market rate.
The latest figures showed a gap between the parallel market and the Nigerian Foreign Exchange Market (NFEM), where the naira closed at approximately ₦1,346.79 per dollar on Friday, November 6.
Key Highlights
- The US dollar sold for between ₦1,415 and ₦1,430 in Nigeria’s parallel market on November 9, 2026.
- The official NFEM closing rate was approximately ₦1,346.79 per dollar on November 6.
- The difference between the official and parallel market rates stood at about ₦68 to ₦83 per dollar.
- Parallel market rates varied depending on location, dollar availability and demand.
- Exchange rate movements remain important for importers, businesses, travellers and Nigerians with foreign currency obligations.
Dollar To Naira Exchange Rate In Parallel Market Today
Checks in Nigeria’s parallel foreign exchange market showed that currency dealers were selling the US dollar between ₦1,415 and ₦1,430 on Monday.
The rates varied across locations and dealers, depending on prevailing market conditions and the availability of foreign currency.
The parallel market rate was therefore between ₦68 and ₦83 higher than the official closing rate of approximately ₦1,346.79 recorded on the NFEM on Friday, November 6.
Official Dollar To Naira Rate
According to the figures cited in the report, the official exchange rate stood at approximately ₦1,346.79 per dollar at the close of trading on Friday.
The NFEM remains the official platform for authorised foreign exchange transactions in Nigeria, with rates published by the Central Bank of Nigeria.
The difference between the official and parallel market rates reflects the varying conditions across the two segments of the foreign exchange market.
Read also:
- Dollar to Naira Exchange Rate Today, November 6, 2026: Naira Trades at ₦1,400/$ on Black Market
- Dollar to Naira Exchange Rate Today, November 5, 2026: Naira Trades at ₦1,390 in Black Market
- Dollar to Naira Exchange Rate Today, November 4: Black Market Sells At N1,390
- Naira Trades at ₦1,430/$ on Parallel Market, ₦1,346.51 Officially on November 10, 2026
Factors Influencing The Parallel Market Exchange Rate
The parallel market exchange rate is subject to fluctuations throughout the day, with movements influenced largely by the availability of foreign currency and demand from individuals and businesses.
Changes in dollar supply and demand can affect the rates quoted by currency dealers across different locations.
The dollar-to-naira exchange rate remains an important consideration for importers, manufacturers, travellers and Nigerians with foreign currency obligations.
A weaker naira can increase the cost of international transactions and imported goods, potentially affecting business operating expenses and consumer prices.
While the NFEM provides the official exchange rate for authorised transactions, the parallel market continues to serve as an alternative source of foreign currency for individuals and businesses seeking dollars.
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