The dollar is trading at different rates against the naira across Nigeria’s official foreign exchange market and the parallel market on Monday, October 26, 2026, with the latest available quotations showing differences between the two segments.
At the Nigerian Foreign Exchange Market (NFEM), the official exchange rate was around ₦1,331 per dollar in the latest available market update, while parallel-market dealers quoted rates of approximately ₦1,370 to ₦1,385 per dollar, depending on the location and transaction.
Data published by Gatekeepers News on Monday put the official dollar selling rate at ₦1,331.28, while the parallel market recorded a buying rate of ₦1,370 and a selling rate of ₦1,385 per dollar.
However, exchange rates vary among banks, Bureau De Change (BDC) operators and other currency dealers, and the actual rate available to customers may differ from published indicative figures.
The official foreign exchange market remains a key source of dollar pricing for eligible transactions conducted through authorised channels.
The latest available figures for October 26 put the dollar at approximately ₦1,331 per dollar in the official market. This compares with the parallel market, where customers may pay more to purchase physical dollars.
International currency data also showed movements in the dollar-naira pair on Monday, although such reference rates do not necessarily match the Central Bank of Nigeria’s official NFEM rate or the rates offered by local currency dealers.
In the parallel market, currency dealers were quoting the dollar at approximately ₦1,370 for buying and ₦1,385 for selling, according to the latest market update published on Monday.
The buying rate represents the amount dealers pay customers selling dollars, while the selling rate is the amount customers pay when purchasing the US currency.
Based on these indicative quotations, $100 would be worth about ₦137,000 when sold to a dealer at the buying rate. Someone purchasing $100 at the selling rate would pay approximately ₦138,500.
For $500, the equivalent would be ₦685,000 at the buying rate and ₦692,500 at the selling rate. Meanwhile, $1,000 would exchange for approximately ₦1,370,000 when sold to a dealer or cost ₦1,385,000 to purchase.
These calculations are estimates based on published rates. Actual transactions may differ according to dealer pricing, location, dollar availability and the amount exchanged.
Movements in the dollar-to-naira exchange rate affect Nigerian businesses and households that depend on imported goods and international payments.
A higher dollar rate can increase the naira cost of imported raw materials, machinery, electronics and other products. Importers may consequently face higher operating expenses, which can feed into retail prices.
Nigerians paying overseas tuition fees, medical bills and travel expenses also monitor exchange rates because changes in the value of the naira affect how much they need to pay for dollar-denominated transactions.
The difference between official and parallel-market rates can also influence the cost of obtaining foreign currency for individuals and businesses that cannot access dollars at the official rate.
The naira’s performance in the coming trading sessions will depend on foreign exchange supply and demand, dollar liquidity, export earnings and capital flows.
Improved foreign currency inflows could support the naira, while increased demand for dollars from importers, businesses and individuals could put pressure on the currency.
