The US dollar is trading at different prices in Nigeria’s official and parallel foreign exchange markets on Wednesday, October 14, 2026, with currency dealers quoting rates above the latest available official market figure.
At the Nigerian Foreign Exchange Market (NFEM), the latest available rate stood at approximately ₦1,332.47 per dollar, based on figures reported on Tuesday, October 13.
Meanwhile, the parallel market, commonly known as the black market, recorded a higher dollar selling rate, reflecting the difference between the two market segments.
Official Dollar to Naira Rate
The latest available NFEM figure puts the dollar at approximately ₦1,332.47, although this rate relates to Tuesday’s trading and may not represent the final official rate for Wednesday.
The NFEM serves as Nigeria’s official foreign exchange market, where rates are influenced by currency supply and demand, market activity and monetary policy.
Anyone seeking to exchange dollars through a bank or another authorised financial institution should confirm the applicable rate before carrying out a transaction.
Black Market Dollar to Naira Rate Today
In the parallel market, currency dealers are quoting the dollar at the following rates on Wednesday, October 14:
- Buying rate: ₦1,365 per dollar
- Selling rate: ₦1,375 per dollar
The buying rate is the price at which dealers purchase dollars from customers, while the selling rate is the amount customers pay to obtain the US currency.
Rates can differ depending on the dealer, location and transaction size, so the quoted figures should be treated as indicative rather than uniform prices across Nigeria.
How Much Is $100 in Naira Today?
Based on the quoted parallel-market selling rate of ₦1,375 per dollar, customers would need approximately ₦137,500 to buy $100.
The calculation is based on the following:
- $1 = ₦1,375
- $10 = ₦13,750
- $50 = ₦68,750
- $100 = ₦137,500
The actual amount paid may vary depending on the dealer’s rate and any applicable transaction charges.
Factors Influencing the Dollar to Naira Exchange Rate
The naira’s performance against the dollar is affected by several factors, including the availability of foreign currency, demand from businesses and individuals, crude oil earnings and decisions by monetary authorities.
Changes in foreign exchange inflows can influence the amount of dollars available in the market, while demand for imports, international payments and other dollar-denominated transactions can place additional pressure on the exchange rate.
Monetary policy decisions and broader economic conditions also contribute to movements in the naira’s value.
Nigerians Advised to Confirm Current Forex Rates
Individuals and businesses planning dollar transactions have been advised to check the latest rates with their banks or licensed Bureau De Change operators before exchanging currencies.
Because parallel-market quotations can change throughout the day, confirming the rate directly with a dealer is important when calculating the naira required for a transaction.
The official NFEM figure cited above is the latest available rate from Tuesday, October 13, while the parallel-market quotations are indicative rates for Wednesday, October 14, 2026.
