The dollar to naira exchange rate today, October 2, 2026, showed relative stability as the Nigerian currency maintained a narrow trading range across the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the US dollar was quoted at about ₦1,328.17, while the Central Bank of Nigeria’s reference rate stood at approximately ₦1,329.16.
The figures indicate only a marginal difference between the market rate and the CBN reference rate, suggesting that the naira continued to trade within a relatively stable range at the official window.
The latest official-market position also represents limited movement compared with the previous trading session, as liquidity conditions and foreign exchange market adjustments continue to influence the value of the naira.
In the parallel market, commonly referred to as the black market, the dollar was reportedly bought at around ₦1,375 and sold for as much as ₦1,390 on October 2.
This means that Nigerians looking to buy dollars from the parallel market could pay as much as ₦1,390 for $1, depending on the location, dealer and prevailing demand.
The difference between the official rate and the parallel-market selling rate remains significant, although the gap has stayed within the range recently observed in the foreign exchange market.
For Nigerians monitoring the Dollar to Naira exchange rate today, the parallel-market figures remain particularly relevant for individuals and businesses sourcing physical US dollars outside the official banking system.
At the official rate of approximately ₦1,328.17, $100 is worth about ₦132,817, while $500 is equivalent to approximately ₦664,085. Similarly, $1,000 is worth about ₦1.328 million at the official rate.
Using the parallel-market selling rate of ₦1,390, $100 would cost approximately ₦139,000, while $500 would amount to ₦695,000. A $1,000 transaction would therefore require about ₦1.39 million.
The continued difference between the two markets highlights the importance of checking the prevailing rate before carrying out dollar-related transactions, as rates can vary depending on the market, transaction size and location.
Read also:
- Naira Gains In Parallel Market But Loses Ground At Official Market
- Naira Trades At ₦1,321.44 As Parallel Market Hits ₦1,385
- Naira Gains Slightly At ₦1,327.78 Against The Dollar
- Naira Trades At N1,329.80, N1,389 To Dollar At Official, Parallel Markets
The naira’s performance comes amid ongoing efforts to deepen liquidity and improve stability in Nigeria’s foreign exchange market.
Market participants continue to monitor dollar supply, demand, monetary policy decisions and broader economic conditions for signals about the direction of the naira.
For October 2, the latest figures point to a relatively stable official market, while the parallel market continues to command a premium.
Dollar to Naira exchange rate today: Official market, approximately ₦1,328.17/$1; CBN reference rate, ₦1,329.16/$1; parallel market, about ₦1,375 buying and ₦1,390 selling.
