The naira is quoted at ₦1,346.43 per dollar in the official foreign exchange market, while the parallel market rate stands at approximately ₦1,390 on Wednesday, November 4, 2026.
The difference between the two markets is ₦43.57 per dollar, with the parallel market maintaining a higher exchange rate than the official market.
The official rate is based on the latest reported Nigerian Foreign Exchange Market (NFEM) publication for November 3, while the parallel market figures reflect indicative rates quoted by Bureau De Change (BDC) operators and other currency dealers.
In the parallel market, BDC operators are buying the dollar at approximately ₦1,380 and selling it at about ₦1,390.
Dollar To Naira Exchange Rate Today
The exchange rates across the two markets are presented below:
| Dollar Amount | Official Rate (₦1,346.43) | Parallel Market (₦1,390) |
|---|---|---|
| $100 | ₦134,643 | ₦139,000 |
| $500 | ₦673,215 | ₦695,000 |
| $1,000 | ₦1,346,430 | ₦1,390,000 |
At the official exchange rate, $100 is worth approximately ₦134,643, compared with ₦139,000 at the parallel market selling rate.
For larger transactions, $500 is equivalent to approximately ₦673,215 in the official market and ₦695,000 in the parallel market. Similarly, $1,000 translates to about ₦1,346,430 and ₦1,390,000, respectively.
The naira’s performance in the official foreign exchange market is influenced by several factors, including foreign currency supply, demand from importers and other market participants, and prevailing liquidity conditions.
The availability of dollars and demand for foreign currency also influence rates quoted by dealers in the parallel market.
Note: Official and parallel market exchange rates may fluctuate throughout the day due to changes in foreign exchange supply and demand. Actual transaction rates may therefore differ from the figures quoted above.
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