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The US dollar traded at ₦1,332.49 at the Nigerian Foreign Exchange Market (NFEM), while the naira exchanged at approximately ₦1,370 per dollar for buying and ₦1,380 for selling on the parallel market, according to the latest available figures as of Monday, October 12, 2026.
The latest official closing rate, published by the Central Bank of Nigeria (CBN), reflected trading on Friday, October 9, as the new week’s official trading session got underway.
Meanwhile, parallel-market quotations showed a higher dollar rate, highlighting the difference between the two foreign exchange markets.
Official dollar to naira exchange rate today
Data from the CBN showed that the official NFEM exchange rate closed at ₦1,332.49 per dollar on Friday, October 9, the latest completed trading session reflected in the figures reviewed.
The NFEM serves as Nigeria’s official foreign exchange market, where the exchange rate is influenced by demand and supply.
Its daily closing rate provides an important reference point for businesses, investors and individuals seeking to monitor the naira’s performance against the US dollar.
However, the reported rate does not necessarily represent the exact amount every customer will pay when purchasing dollars through a bank, as applicable charges and transaction terms may differ.
Dollar to naira rate on the parallel market
On the parallel market, commonly known as the black market, the dollar was quoted at approximately ₦1,370 for buying and ₦1,380 for selling in the latest reported figures from Saturday, October 10.
The buying rate represents the price at which currency dealers purchase dollars from customers, while the selling rate is the amount customers pay to buy dollars from dealers.
These quotations may vary across locations and individual dealers, depending on dollar availability, transaction size and prevailing demand.
Difference between the official and parallel-market rates
Based on the reported figures, the parallel-market selling rate of ₦1,380 was ₦47.51 higher than the official NFEM closing rate of ₦1,332.49 per dollar.
This difference illustrates the variation between the official and parallel markets, although the rates are based on figures from different reporting dates.
For Nigerians purchasing dollars for international school fees, travel expenses, imported goods and other foreign transactions, the difference between the two rates can affect the total cost of payments.
For instance, using the reported rates, purchasing $100 at the parallel-market selling rate of ₦1,380 would cost approximately ₦138,000, compared with ₦133,249 at the official closing rate of ₦1,332.49, before any applicable charges.
For a $1,000 transaction, the difference would amount to ₦47,510, assuming both rates applied to the full transaction.
What to expect from the naira on Monday
The naira’s performance on Monday, October 12, will depend on developments in the foreign exchange market, including dollar demand and supply and other market conditions.
The official rate may change as trading progresses, meaning the previous session’s closing figure should not automatically be treated as Monday’s final exchange rate.
Individuals and businesses planning dollar-denominated transactions should confirm current quotations with their banks or authorised currency dealers before making payments.