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The Nigerian naira is trading at ₦1,331.77 per US dollar at the official Nigerian Foreign Exchange Market (NFEM) rate, based on the latest completed trading session, while the dollar is quoted at ₦1,370 to buy and ₦1,375 to sell in the parallel market on Thursday, October 8, 2026.
Official dollar to naira rate
Data from the Central Bank of Nigeria (CBN) shows that the NFEM rate was ₦1,331.7679/$ on October 7, 2026.
The CBN explains that the NFEM rate is derived using the volume-weighted average of transactions and serves as the official exchange rate for the day.
The naira’s closing rate was ₦1,332.75/$ on October 7, compared with ₦1,331.50/$ at the previous close.
Therefore, the ₦1,331.77 figure should be described as the latest official NFEM reference rate, rather than an October 8 closing rate, since Thursday’s trading session is still ongoing.
Dollar rate in the parallel market
In the parallel market, the dollar was quoted at ₦1,370 per dollar for buying and ₦1,375 for selling as of 6:07am WAT on October 8, according to Aboki Forex.
Another market tracker, NairaFX, recorded member-reported rates of ₦1,376/$ buying and ₦1,382/$ selling on October 8, showing that parallel-market quotations can differ between dealers and locations.
For this reason, the Aboki Forex figures are presented as indicative parallel-market rates, rather than an official nationwide rate.
How much is $100 and $1,000 in naira today?
Using the official NFEM reference rate of ₦1,331.7679/$:
– $1 = ₦1,331.77
– $100 = ₦133,176.79
– $500 = ₦665,883.95
– $1,000 = ₦1,331,767.90
Using the parallel-market selling rate of ₦1,375/$:
– $100 = ₦137,500
– $500 = ₦687,500
– $1,000 = ₦1,375,000
Naira-dollar market gap
The difference between the official NFEM reference rate of ₦1,331.77/$ and the parallel-market selling rate of ₦1,375/$ is about ₦43.23 per dollar.
For $1,000, that difference amounts to approximately ₦43,232.
The figures may change during the day as activity continues in both the official and parallel markets.
Important: There is currently no completed October 8 NFEM closing rate. The official figure used above is the latest completed NFEM reference rate for October 7, while the parallel-market figures are the latest available morning quotations for October 8.