Currency Exchange Rate | News
Naira-Dollar Rate Today, Friday, October 9, 2026
The naira is quoted around ₦1,332 per US dollar in the official foreign-exchange market on Friday, while parallel-market dollar quotations are reported at roughly ₦1,385–₦1,388. These are indicative rates, and the actual rate for any transaction may differ by provider, location, amount and time of day.
| Market | Indicative rate for US$1 |
| Official NFEM/CBN reference | ₦1,332.10 |
| Parallel-market buying quote | ₦1,383 |
| Parallel-market selling quote | ₦1,385–₦1,388 |
Dollar Conversions
Using ₦1,332.10 for the official reference and ₦1,388 for a parallel-market selling quote, the estimates are:
| US dollars | ₦1,332.10/$ | ₦1,388/$ |
| $1 | ₦1,332.10 | ₦1,388 |
| $100 | ₦133,210 | ₦138,800 |
| $500 | ₦666,050 | ₦694,000 |
| $1,000 | ₦1,332,100 | ₦1,388,000 |
Bank charges, transfer fees, dealer margins and any availability constraints are not included.
Why the Rates Differ
The official NFEM rate is a volume-weighted average and serves as the official exchange rate for the day.
The parallel market reflects quotations from informal currency dealers. Its rate can be higher because of dollar availability, demand from importers, travelers and families making overseas payments, dealer margins and the speed of access to cash.
A published official rate does not guarantee that an individual customer will be able to obtain dollars at that price through a bank or authorized dealer.
Recent Official-Market Trend
Recent NFEM data show the naira has remained broadly near the ₦1,330 range. The CBN-based NFEM rate was ₦1,332.75/$ on October 7, after closing at ₦1,331.50/$ on October 6, while turnover crossed $1.01 billion.
Vanguard’s Friday report placed the official market around ₦1,329.34/$ and the parallel market around ₦1,385/$, broadly consistent with the figures above.
Important Caveat
Some market reports published on Friday show materially different official and parallel-market figures, including NFEM quotes near ₦1,366.73/$ and parallel-market quotes near ₦1,415/$. That discrepancy makes it especially important to treat exchange-rate reports as snapshots rather than fixed prices.
For anyone paying school fees, importing goods, travelling or sending money abroad, the practical rate is the one offered by the bank, money-transfer provider or authorised dealer actually handling the transaction.
What to Watch
The key indicators to monitor are:
- The latest completed NFEM trading session and CBN rate publication.
- Foreign-exchange turnover and dollar liquidity.
- Parallel-market quotations from multiple credible sources.
- Central Bank interventions and external-reserve movements.
- The spread between official and parallel-market rates.
The main takeaway is that the naira remains near ₦1,332/$ in the official market, while parallel-market quotes are higher at about ₦1,385–₦1,388/$. Confirm the live rate with your payment provider before making any financial commitment.
Source: abokiforex