The naira traded at an average of ₦1,334.72 per dollar in Nigeria’s official foreign exchange market, while the dollar sold for ₦1,375 in the parallel market, according to the latest reported figures available.
However, the figures are based on trading data for Wednesday, October 21, 2026, and should not be treated as confirmed exchange rates for Friday, October 23. The official rate for Friday’s trading session had yet to be confirmed in the available data.
Key Highlights
- Official exchange rate: ₦1,334.72 per dollar, based on Wednesday’s reported NFEM average.
- Official market closing rate: ₦1,337 per dollar on Wednesday.
- Black market buying rate: ₦1,367 per dollar.
- Black market selling rate: ₦1,375 per dollar.
- Cost of $100 at the reported black market selling rate: ₦137,500.
- Rate update: Friday’s official rate and current parallel-market quotations were not confirmed in the available figures.
Official Dollar to Naira Exchange Rate Today
The latest reported figures put the Nigerian Foreign Exchange Market (NFEM) average at ₦1,334.7233 per dollar on Wednesday, October 21, 2026. The dollar closed at ₦1,337 at the official market, according to published market data.
The reported NFEM average represented a slight weakening of the naira compared with the previous session, when the average stood at ₦1,333.6467 per dollar.
The NFEM rate is based on the volume-weighted average of transactions and serves as Nigeria’s official foreign exchange benchmark.
As of Friday morning, the available figures did not confirm the official exchange rate for the new trading session. The naira’s performance for October 23 will become clearer when updated market data are published.
Black Market Dollar to Naira Exchange Rate Today
In the parallel market, also known as the black market, the dollar was quoted at ₦1,367 for buying and ₦1,375 for selling on Wednesday, October 21.
The figures were attributed to AbokiFX and reported by the Nigerian Tribune.
The black market buying rate is the amount dealers pay customers who sell dollars, while the selling rate is the amount customers pay to buy dollars from dealers.
Based on the latest reported figures:
- Dollar buying rate: ₦1,367
- Dollar selling rate: ₦1,375
These figures are indicative and are not confirmed live quotations for Friday. Parallel-market rates can change throughout the day and may differ by location and dealer.
How Much Is $100, $500 and $1,000 in Naira Today?
Using the reported black market selling rate of ₦1,375 per dollar, the estimated cost of purchasing dollars is as follows:
| US Dollars | Estimated Cost in Naira |
|---|---|
| $100 | ₦137,500 |
| $500 | ₦687,500 |
| $1,000 | ₦1,375,000 |
At the reported official NFEM average of ₦1,334.7233 per dollar, the equivalent values would be:
| US Dollars | Official NFEM Average Equivalent |
|---|---|
| $100 | ₦133,472.33 |
| $500 | ₦667,361.65 |
| $1,000 | ₦1,334,723.30 |
These calculations use Wednesday’s reported rates, not confirmed live prices for Friday. Actual transaction costs may vary depending on the exchange channel, applicable charges and the rate offered by a financial institution or currency dealer.
Read also:
- Naira to Dollar Exchange Rate Today, October 22, 2026: Official Rate at ₦1,331.45, Black Market at ₦1,375
- Naira To Dollar Exchange Rate Today, October 21, 2026
- Dollar to Naira Exchange Rate Today, October 20, 2026: Official and Black Market Rates
Difference Between Official and Black Market Dollar Rates
The difference between the reported official NFEM average of ₦1,334.7233 and the black market selling rate of ₦1,375 was approximately ₦40.28 per dollar.
This comparison is based on the latest available figures for Wednesday, October 21, rather than confirmed rates for Friday, October 23.
The difference reflects the distinct ways the official and parallel foreign exchange markets operate, including variations in dollar supply, demand and access to foreign currency.
Why Do Official and Black Market Exchange Rates Differ?
The official and parallel markets may quote different dollar prices because they operate through different channels and serve customers with varying foreign exchange needs.
The official rate reflects transactions in the NFEM, while parallel-market prices are influenced by the availability of dollars among dealers and demand from individuals and businesses.
Demand from importers, travellers and customers making international payments can also affect the parallel market.
Consequently, exchange rates quoted by banks, online platforms and currency dealers in Lagos, Abuja, Port Harcourt and other Nigerian cities may differ.
Customers are advised to confirm the prevailing rate with their banks or currency dealers before completing foreign exchange transactions.
Naira to Dollar Exchange Rate: What to Know for Friday
The latest reported figures available put the official NFEM average at ₦1,334.7233 per dollar and the black market selling rate at ₦1,375. Both figures relate to Wednesday, October 21, and should not be presented as confirmed live rates for Friday, October 23, 2026.
Updated official-market data and current parallel-market quotations are needed to establish the naira’s performance for Friday.
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