The dollar to naira exchange rate remained relatively stable at the Nigerian Foreign Exchange Market (NFEM) on Friday, October 23, 2026, with the US dollar trading at about ₦1,330.95, while parallel-market dealers quoted higher prices.
Early transactions in the official foreign exchange market ranged from ₦1,330.95 to ₦1,332 per dollar. The figures indicate limited movement in the official rate following recent daily fluctuations.
In the parallel market, currency dealers in Lagos, Abuja and other commercial centres quoted buying rates between ₦1,360 and ₦1,365 per dollar. Selling rates stood between ₦1,375 and ₦1,380, depending on the dealer and transaction.
The difference between the two markets remains important for Nigerians who need dollars for international travel, school fees abroad, import payments and other foreign currency transactions.
Dollar to Naira Exchange Rate Today
The rates reported for Friday, October 23, 2026, are summarised below.
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Official NFEM | Not specified | ₦1,330.95–₦1,332 |
| Parallel Market | ₦1,360–₦1,365 | ₦1,375–₦1,380 |
The official market figure provides a reference for transactions conducted through the Nigerian foreign exchange system. Parallel-market rates, on the other hand, reflect quotations from dealers operating outside the official window.
Actual rates may vary depending on the transaction, the financial institution or dealer involved and the amount of foreign currency required.
How Much Is $100 In Naira Today?
Using the reported rates, the cost of exchanging US dollars into naira differs between the official and parallel markets.
| US Dollar Amount | At ₦1,330.95/$ | At ₦1,380/$ |
|---|---|---|
| $50 | ₦66,547.50 | ₦69,000 |
| $100 | ₦133,095 | ₦138,000 |
| $200 | ₦266,190 | ₦276,000 |
| $500 | ₦665,475 | ₦690,000 |
| $1,000 | ₦1,330,950 | ₦1,380,000 |
At the official reference rate of ₦1,330.95 per dollar, $100 is worth approximately ₦133,095. At a parallel-market selling rate of ₦1,380, the same amount costs about ₦138,000.
This represents a difference of ₦4,905 on a $100 transaction. The actual amount paid may differ from these calculations because of dealer quotations, transaction charges and rate changes.
Factors Influencing The Naira Exchange Rate
Diaspora remittances and foreign portfolio investment in Nigerian yield instruments were cited as factors supporting the relative stability in the exchange market.
Remittances provide foreign currency inflows into Nigeria, while foreign investment can influence dollar supply and demand. Changes in these flows, alongside demand from businesses and individuals, can affect exchange-rate movements.
Nigerians planning dollar transactions should confirm the applicable rate with their bank or authorised foreign exchange provider before making payments, as quoted rates can change during the trading day.
Submit a Press Release | Advertise With Fresh News | Contact Us
