The naira traded above ₦1,350 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, November 10, while parallel-market dealers quoted the US currency at between ₦1,411 and ₦1,419 on Wednesday, November 11.
The latest figures show that the dollar continues to command a higher price in the parallel market, where rates are influenced by the availability of cash dollars, customer demand and individual dealer quotations.
At the official market, the naira closed at ₦1,353.50 per dollar on Tuesday, weakening from ₦1,350 recorded on Monday. The currency traded within a range of ₦1,349.25 and ₦1,354 during the session, according to figures reported from Central Bank of Nigeria data.
Dollar To Naira Exchange Rate Today
The indicative rates reported by parallel-market operators on Wednesday are:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar ($1) | ₦1,411 | ₦1,419 |
The buying rate is the amount dealers pay customers who want to sell their dollars, while the selling rate is what customers pay when purchasing the currency.
The ₦8 difference between the two quotations represents the dealer spread on each dollar at the reported rates. For larger transactions, this difference can become more noticeable.
How Much Is $100, $500 And $1,000 In Naira?
Using the reported parallel-market selling rate of ₦1,419 per dollar, the estimated naira equivalents are:
| Dollar Amount | Naira Equivalent |
|---|---|
| $100 | ₦141,900 |
| $200 | ₦283,800 |
| $500 | ₦709,500 |
| $1,000 | ₦1,419,000 |
These calculations are based on the quoted selling rate. The actual amount paid may differ depending on the dealer and transaction conditions.
Difference Between Official And Parallel Market Rates
Based on the official closing rate of ₦1,353.50 and the parallel-market selling quotation of ₦1,419, the difference stands at approximately ₦65.50 per dollar.
This means someone purchasing $1,000 at the reported parallel-market rate would need about ₦65,500 more than the equivalent amount calculated using the official closing rate.
The difference between the two markets is an important indicator of foreign exchange demand and access. Businesses and individuals who cannot obtain dollars through their preferred official channels may turn to other sources, where the cost can be higher.
What Is Influencing The Dollar To Naira Exchange Rate?
The naira’s performance is closely linked to the supply of foreign currency and the level of demand from businesses, investors and individuals.
Oil export earnings, foreign investments and diaspora remittances are among Nigeria’s important sources of dollar inflows. On the demand side, importers require foreign currency to pay for goods and raw materials, while families and individuals need dollars for international school fees, medical bills, travel and other overseas expenses.
Trading activity at the official market also provides an indication of demand and liquidity. On Tuesday, November 10, reported interbank foreign exchange turnover stood at about $248.07 million across 144 deals.
The official and parallel-market rates do not always move by the same amount because they operate through different channels and reflect different transaction conditions.
For businesses planning imports and Nigerians making international payments, movements in both markets remain important because changes in the cost of obtaining dollars can affect budgets and transaction expenses.
Market Update: The rates published here are indicative quotations, not guaranteed transaction prices. Dollar prices can change during the day as dealers respond to available supply, customer demand and the size of each transaction. Customers should confirm the applicable rate and total cost with their currency provider before completing an exchange.
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