The naira traded at ₦1,346.05 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, October 29, 2026, while the dollar exchanged at ₦1,385 in the parallel market.
Key Highlights
- Naira closed at ₦1,346.05/$ at the official NFEM window on Thursday.
- Dollar sold at ₦1,385 in the parallel (black) market.
- Gap between official and parallel rates stands at ₦38.95.
- BDC operators in Lagos, Abuja and Kano bought at about ₦1,375 and sold at ₦1,385.
- Dollar supply remains tied to reserves, oil earnings and diaspora remittances.
The latest figures show a difference of ₦38.95 between the official and parallel market rates, highlighting the continued variation in dollar prices across Nigeria’s foreign exchange channels.
In the parallel market, bureau de change operators and currency dealers in Lagos, Abuja and Kano, quoted the dollar at approximately ₦1,375 for buying and ₦1,385 for selling.
The rates remain important for individuals and businesses that depend on foreign currency for international transactions, including import payments, overseas transfers and other dollar-denominated obligations.
Official Versus Parallel Market
The official market rate reflects transactions conducted through the NFEM, while the parallel market serves customers who obtain foreign exchange through informal channels and Bureau De Change operators.
The difference between the two rates means that the cost of obtaining dollars can vary depending on the market used and the prevailing buying or selling price.
The Central Bank of Nigeria (CBN) has continued to pursue measures aimed at improving foreign exchange liquidity and reducing volatility in the market.
Dollar supply is also influenced by Nigeria’s external reserves, crude oil earnings, diaspora remittances and other foreign currency inflows.
These sources of foreign exchange play a role in determining the amount of dollars available to meet demand from businesses, investors and individuals.
Read also:
- Naira to Dollar Exchange Rate Today, October 28, 2026: Naira Trades at ₦1,390 On Black Market
- Naira to Dollar Exchange Rate Today, Tuesday, October 27, 2026
What To Watch
However, the naira’s performance will continue to depend on the balance between dollar supply and demand, developments in the official market and activities in the parallel market.
Market participants will be watching subsequent trading sessions for signs of whether the current rate movements will persist or whether changes in foreign exchange demand and supply will put fresh pressure on the local currency.
For Nigerians planning dollar purchases, the actual amount payable will depend on the prevailing rate offered by their bank or currency dealer at the time of the transaction.
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