The Nigerian naira remained relatively stable against the US dollar on Thursday, October 8, 2026, with the dollar selling for about ₦1,375 in the parallel market, while the latest official Nigerian Foreign Exchange Market (NFEM) reference rate stood at ₦1,331.77/$.
The latest figures show a gap of about ₦43.23 per dollar between the official reference rate and the parallel-market selling price, as businesses, importers, travellers and Nigerians receiving foreign-currency inflows continue to monitor movements in the exchange rate.
Key Highlights
- Dollar sells for about ₦1,375 in Nigeria’s parallel market on Thursday.
- The latest official NFEM reference rate stands at ₦1,331.77/$.
- The naira closed Wednesday’s official trading session at ₦1,332.75/$.
- Parallel-market dealers quoted the dollar at about ₦1,370 to buy and ₦1,375 to sell.
- The gap between the official and parallel-market selling rates is about ₦43.23 per dollar.
- $1,000 is worth about ₦1.33 million at the official rate and ₦1.375 million at the parallel-market selling rate.
- The October 8 official NFEM closing rate is not yet available, meaning the rate could change as trading continues.
Latest Naira-Dollar Exchange Rate
Data from the Central Bank of Nigeria (CBN) showed that the latest completed NFEM reference rate was ₦1,331.7679/$ on Wednesday, October 7.
The naira had closed Wednesday’s official trading session at ₦1,332.75/$, compared with ₦1,331.50/$ at the previous close.
The latest movement indicates that the official exchange rate remains below the parallel-market selling price, although the difference is narrower than the wider spreads recorded at various periods in the foreign exchange market.
Dollar Exchange Rate in Parallel Market
In the parallel market on Thursday morning, the dollar was quoted at approximately ₦1,370 to buy and ₦1,375 to sell.
However, exchange rates vary depending on the dealer, location and market conditions.
Another market tracker, NairaFX, reported member-supplied rates of approximately ₦1,376/$ buying and ₦1,382/$ selling on Thursday.
The figures indicate that there is no single nationwide parallel-market rate, and quotations should therefore be treated as indicative rather than a uniform market price.
How Much Is $100, $500 and $1,000 in Naira?
At the latest official NFEM reference rate of ₦1,331.7679/$:
- $100 = approximately ₦133,176.79
- $500 = approximately ₦665,883.95
- $1,000 = approximately ₦1,331,767.90
Using the parallel-market selling rate of ₦1,375/$:
- $100 = ₦137,500
- $500 = ₦687,500
- $1,000 = ₦1,375,000
This means a person exchanging $1,000 at the parallel-market selling rate would receive about ₦43,232 more than at the latest official NFEM reference rate.
Read also:
- Dollar to Naira Exchange Rate Today, October 7, 2026: Naira Gains Officially, Falls on Parallel Market
- Dollar To Naira Exchange Rate Today, October 6, 2026: Naira Gains At Parallel Market
- Naira Holds Steady As Dollar Trades At ₦1,375 On Parallel Market
Gap Between Official and Parallel Dollar Rates
The difference between the official NFEM reference rate of ₦1,331.7679/$ and the parallel-market selling rate of ₦1,375/$ is approximately ₦43.23 per dollar.
The spread remains an important indicator for businesses and individuals who rely on foreign currency for imports, travel, education, medical expenses and international transactions.
Changes in the official and parallel markets can also influence the prices of imported goods and services in Nigeria.
Why the Naira-Dollar Rate Matters
The exchange rate remains a major economic indicator in Nigeria because movements in the naira directly affect import costs, inflation, business expenses and the purchasing power of consumers.
Importers and manufacturers closely monitor the dollar rate because many raw materials, machinery and finished goods are priced in foreign currencies.
Travellers, students, medical tourists and Nigerians receiving dollar inflows also watch both official and parallel-market rates when determining how much naira their foreign currency is worth.
October 8 Official Closing Rate Not Yet Available
It is important to distinguish between the latest official reference rate and the parallel-market quotations available on Thursday morning.
There was no completed October 8 NFEM closing rate at the time of this report.
The ₦1,331.77/$ figure represents Wednesday’s latest completed official reference rate, while the ₦1,370/₦1,375 quotations represent Thursday morning parallel-market rates.
Both rates could therefore change as trading activity continues throughout Thursday.
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