The naira began October on a stronger footing against the United States dollar on Thursday, October 1, recording gains across Nigeria’s official and parallel foreign exchange markets.
Latest market data placed the dollar between approximately ₦1,327.68 and ₦1,329.50 at the Nigerian Foreign Exchange Market (NFEM).
The NFEM provides the benchmark for transactions in Nigeria’s official foreign exchange market, where the value of the naira is determined from eligible transactions conducted during trading.
Dollar to Naira Exchange Rate Today, Thursday, October 1, 2026
Away from the official market, currency dealers exchanged the dollar at approximately ₦1,370 on Thursday.
The latest quotation represents a slight improvement for the naira and leaves the difference between the official and parallel rates at around ₦40.50 per dollar, depending on the NFEM reference rate used.
Dollar availability, location, transaction size and individual dealers may, however, affect the actual rate available to customers.
| Market | Buying Rate | Selling/Reference Rate |
|---|---|---|
| Nigerian Foreign Exchange Market | — | About ₦1,327.68–₦1,329.50/$ |
| Parallel market | — | About ₦1,370/$ |
How Much Is $100 in Naira Today?
Using the parallel market rate of approximately ₦1,370 per dollar, $100 would amount to about ₦137,000.
At the same rate, $500 would be approximately ₦685,000, while $1,000 would amount to about ₦1.37 million.
Anyone exchanging $2,000 at the same rate would receive or require approximately ₦2.74 million.
These figures are estimates based on the available market quotation. The amount received in an actual transaction may differ depending on the dealer, location and prevailing demand for foreign currency.
Gap Between Official and Parallel Exchange Rates
The difference between the NFEM rate and the parallel market rate has narrowed to roughly ₦40.50 per dollar.
The relatively small gap means both segments of the foreign exchange market are trading closer to each other as the naira begins the new month.
A narrower difference between the two markets can reduce the incentive for arbitrage, where foreign currency obtained at a lower rate is resold elsewhere at a higher price.
It can also encourage more transactions to pass through formal banking channels rather than moving outside the official foreign exchange system.
Naira Opens October With Gains Against Dollar
Thursday’s movement gives the naira a positive start to October, with the currency strengthening slightly against the dollar in both markets.
Trading activity in the official market has also remained active, with interbank foreign exchange turnover reported at $179.6 million.
Attention will now turn to how the naira performs through the opening sessions of October, particularly as businesses, importers, travellers and other market participants respond to changes in dollar supply and demand.
Rates may still move during the day as fresh transactions are completed across the foreign exchange market.
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