The Nigerian naira traded at approximately ₦1,352 to the United States dollar on the official foreign exchange market on Wednesday, October 28, 2026, while parallel-market quotations ranged between ₦1,370 and ₦1,385 per dollar.
Figures published by exchange-rate trackers put the official Nigerian Foreign Exchange Market (NFEM) reference rate at about ₦1,352.37 per dollar, based on figures attributed to the Central Bank of Nigeria as of Tuesday, October 27.
In the parallel market, also known as the black market, indicative quotations on Wednesday placed the buying rate at approximately ₦1,370 per dollar and the selling rate at ₦1,385.
However, actual exchange rates may vary depending on the dealer, location and amount involved in the transaction.
The difference between the official and parallel-market rates remained relatively narrow, although the two markets continued to record different quotations for the dollar.
The official exchange rate is published through the NFEM, while parallel-market rates reflect quotations from currency dealers operating outside the official market. Both rates may fluctuate in response to foreign exchange supply and demand.
Nigerians planning dollar transactions have been advised to confirm prevailing rates with their banks or licensed Bureau De Change operators before exchanging currency.
