Headline: Naira Trades Around ₦1,332 Per Dollar Officially as Parallel Market Quotes ₦1,375

Nigeria’s naira traded at approximately ₦1,332 per US dollar in the official foreign exchange market on Wednesday, October 21, 2026, while the parallel market quoted the dollar at about ₦1,375 for selling, according to published exchange-rate data.

The figures indicate a difference between the official market and parallel-market quotations, highlighting the varying costs faced by individuals and businesses sourcing foreign currency through different channels.

Official Dollar Exchange Rate

Available market data placed the official exchange rate at approximately ₦1,331.72 to ₦1,333.65 per dollar on Wednesday.

The official rate reflects transactions in Nigeria’s formal foreign exchange market. The Central Bank of Nigeria (CBN) publishes Nigerian Foreign Exchange Market (NFEM) data, which provides an important reference for tracking the naira’s performance against major international currencies.

The precise rate available to a customer may differ depending on the bank, transaction type and applicable charges.

Parallel Market Dollar Rate

In the parallel market, currency quotations on Wednesday placed the dollar’s buying rate at approximately ₦1,370 and its selling rate at around ₦1,375.

These figures mean that a person selling US dollars to a dealer may receive a different amount from someone purchasing dollars from the same market.

Parallel-market rates are indicative rather than uniform nationwide. Actual quotations can vary according to location, demand, dollar availability and the individual dealer.

How Much Is $100 in Naira Today?

Using the published indicative rates, the estimated naira equivalents are:

• $100 at ₦1,332 per dollar: approximately ₦133,200.
• $100 at ₦1,375 per dollar: approximately ₦137,500.
• $500 at ₦1,332 per dollar: approximately ₦666,000.
• $1,000 at ₦1,375 per dollar: approximately ₦1,375,000.

These calculations exclude transaction fees and other applicable charges. The amount received or paid will depend on the rate offered at the time of the transaction.

What Determines the Naira-Dollar Exchange Rate?

The naira’s performance is influenced by several factors, including the supply of foreign currency, demand from importers and other businesses, foreign investment flows, crude oil earnings and monetary policy.

Nigeria’s access to foreign exchange remains particularly important for businesses that depend on imported raw materials, machinery, medicines and consumer products.

A weaker naira can increase the local cost of imports and foreign-denominated obligations. Conversely, sustained currency stability can make financial planning more predictable for businesses and households.

What Nigerians Should Know

Nigerians planning international payments, tuition transfers, travel or import transactions should confirm the applicable exchange rate with their banks or authorized foreign-exchange providers before making payments.

Official and parallel-market quotations should not be treated as interchangeable, and published rates may change during the trading day.

Factful24 Takeaway: The naira-dollar exchange rate remains an important indicator for consumers, traders and businesses. Monitoring official-market data alongside verified dealer quotations can help Nigerians understand currency movements and plan foreign-exchange transactions more accurately.

Sources: GistReel

Editorial note: Exchange rates are indicative and subject to change.