Naira-Dollar Rate: Fresh Exchange Rate Emerges As Dollar Trades Around ₦1,329

The Nigerian naira traded at about ₦1,328.17 per US dollar in the official foreign exchange market on Friday, October 2, 2026, while the Central Bank of Nigeria (CBN) reference rate stood at ₦1,329.16/$1, indicating relatively limited movement in the official market.

According to Bush Radio Academy, data from the Nigerian Foreign Exchange Market (NFEM) showed the dollar trading around ₦1,328.17, close to the CBN’s benchmark rate. The published official rates placed the dollar at approximately ₦1,328.16 for buying and ₦1,329.16 for selling.

The latest figures reflect the relatively narrow movement recorded in the official market in recent days. On September 30, the naira was reported at ₦1,329.16/$1, compared with ₦1,330.47/$1 on September 29.

Meanwhile, the parallel market continued to record a wider gap from the official rate, with the dollar reportedly bought at around ₦1,375 and sold for as much as ₦1,390 on Friday.

Based on the parallel-market selling rate of ₦1,390/$1, the difference from the official CBN reference rate of ₦1,329.16 is about ₦60.84 per dollar. However, parallel-market rates can vary depending on location, dealer, transaction size and prevailing market conditions.

At the official reference rate of ₦1,329.16/$1, $100 is equivalent to approximately ₦132,916, while $1,000 is worth about ₦1.329 million. At the parallel-market selling rate of ₦1,390/$1, the same $100 would cost about ₦139,000, while $1,000 would amount to approximately ₦1.39 million.

The latest figures suggest that the naira has remained within a relatively narrow range around the ₦1,300-per-dollar level in the official market, although rates can fluctuate during the day in response to liquidity and trading activity.

Nigerians seeking foreign currency are therefore likely to encounter different rates depending on whether they transact through the official market, banks, Bureau de Change operators or informal channels.