Naira Faces ₦40 Exchange Rate Gap As Dollar Sells For ₦1,386 On Parallel Market

The Nigerian naira exchanged at an official rate of approximately ₦1,346.26 per dollar, while the United States currency sold for about ₦1,386.36 on the parallel market, according to the latest available exchange rate figures for Monday, November 2, 2026.

The figures indicate a difference of approximately ₦40.10 between the official and parallel market rates, highlighting the gap between the cost of obtaining foreign currency through Nigeria’s regulated foreign exchange market and informal currency channels.

The exchange rate remains a major economic indicator for businesses, importers and individuals who depend on foreign currency for international payments, imports and other financial transactions.

According to data from the Central Bank of Nigeria (CBN), the naira recorded a volume-weighted average exchange rate of ₦1,346.2565 per dollar on Friday, October 30. The official market also closed at approximately ₦1,346.00 per dollar, representing a slight improvement in the naira’s value compared with the previous trading session.

The Nigerian Foreign Exchange Market (NFEM) rate serves as the benchmark for official foreign exchange transactions and is calculated using the volume-weighted average of transactions carried out in the market.

Meanwhile, in the parallel market, currency dealers quoted the dollar at approximately ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1.

This means individuals seeking to purchase one dollar from parallel market operators would need approximately ₦1,386.36, although the actual amount may vary depending on the dealer, location and availability of foreign currency.

Unlike the official exchange rate, parallel market prices are not fixed and may change throughout the day in response to demand and supply conditions.

Based on the latest figures, the difference between the official rate of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 stands at approximately ₦40.10 per dollar.

For Nigerians planning to exchange larger amounts, the difference becomes more noticeable. At the official NFEM rate of ₦1,346.26, $100 is equivalent to approximately ₦134,626, while $500 translates to ₦673,130 and $1,000 amounts to ₦1,346,260.

However, at the parallel market selling rate of ₦1,386.36, $100 is worth approximately ₦138,636, while $500 costs ₦693,180 and $1,000 amounts to ₦1,386,360.

Consequently, purchasing $100 through the parallel market would cost approximately ₦4,010 more than obtaining the same amount at the official exchange rate.

The figures are indicative and may differ from the actual rates offered by financial institutions and individual currency dealers. Nigerians are therefore advised to confirm prevailing exchange rates with their banks or licensed Bureau De Change operators before carrying out foreign exchange transactions.

Note: The supplied figures use official-market data from Friday, October 30, and parallel-market quotations from Sunday, November 1, while the headline date is Monday, November 2. They should therefore be treated as the latest available figures in the supplied report, not necessarily rates newly recorded on Monday.