GistReel
The Nigerian naira traded at about ₦1,328.17 per US dollar in the official market on Friday, October 2, 2026, while the Central Bank of Nigeria (CBN) reference rate stood at ₦1,329.16/$1, as the currency maintained relative stability across the foreign exchange market.
Official market rate
Data available on Friday showed the dollar quoted at approximately ₦1,328.17 at the Nigerian Foreign Exchange Market (NFEM), remaining close to the CBN’s reference rate of ₦1,329.16 per dollar.
The CBN’s published rates put the dollar at ₦1,328.16 to buy and ₦1,329.16 to sell, indicating limited movement around the official benchmark.
The latest rate also follows a period of relatively narrow movements in the official market. On September 30, the naira was reported at ₦1,329.16/$1, compared with ₦1,330.47 on September 29.
This relatively tight range suggests that the official FX market has continued to experience comparatively contained price movements, although intraday rates can fluctuate depending on liquidity and trading activity.
Parallel market rate
In the parallel market, the US dollar was being bought for around ₦1,375 and sold for as much as ₦1,390 on Friday.
The parallel-market rate remains above the official NFEM level, reflecting the continuing difference between formal and street-level foreign exchange pricing.
Based on the ₦1,390 parallel selling rate and the ₦1,329.16 official reference rate, the difference is approximately ₦60.84 per dollar.
Market rates outside the official window can vary by location, dealer and transaction size, meaning individual buyers and sellers may encounter slightly different quotations.
What the rates mean for dollar transactions
At the official reference rate of ₦1,329.16/$1, $100 would be worth approximately ₦132,916, while $1,000 would translate to about ₦1.329 million.
Using the parallel-market selling rate of ₦1,390/$1, the same $100 would cost about ₦139,000, while $1,000 would be approximately ₦1.39 million.
The difference between the two rates means that the cost of obtaining dollars can vary significantly depending on whether the transaction is conducted through the official market or the parallel market.
Naira remains relatively stable
The latest figures indicate that the naira has continued to trade within a relatively narrow range around the ₦1,300-per-dollar level in the official market.
Recent market data also showed the dollar trading around ₦1,328 on October 2, with intraday movements recorded around that level.
However, parallel-market quotations remain higher than official rates, meaning Nigerians sourcing foreign currency through street or informal channels continue to face a premium.
Rates from banks, Bureau de Change operators and parallel-market dealers may change during the day and can differ depending on location, available liquidity and transaction size.