Naira Holds Steady As Dollar Trades At ₦1,333 Officially, ₦1,380 On Black Market

The United States dollar is trading at ₦1,333.64 in Nigeria’s official foreign exchange market, while the parallel market quotes the dollar at approximately ₦1,365 for buying and ₦1,380 for selling on Wednesday, October 21, 2026.

According to Bush Radio Academy, the latest exchange rates indicate that the naira remains relatively stable in the official market, although the dollar continues to command a higher value in the parallel market. Rates may differ depending on the location, dealer and prevailing market conditions.

Data from the Central Bank of Nigeria (CBN) put the dollar’s official buying rate at ₦1,332.64 and its selling rate at ₦1,333.64. At the official selling rate, $100 is equivalent to approximately ₦133,364.

In the parallel market, the dollar is reportedly changing hands at around ₦1,365 for buying and ₦1,380 for selling. At the selling rate of ₦1,380 per dollar, $100 would cost approximately ₦138,000, while $1,000 would amount to about ₦1.38 million.

The difference between the official selling rate and the parallel-market selling rate stands at approximately ₦46.36 per dollar, highlighting the gap between the two foreign exchange markets.

The naira’s performance is expected to remain influenced by factors such as dollar demand, foreign exchange supply and liquidity in the market. Changes in these conditions could affect exchange rates in the coming days.

The CBN does not recognise the parallel market as an official exchange-rate channel and advises individuals and businesses seeking foreign exchange to conduct their transactions through authorised channels.