Naira Vs Dollar: Black-Market Selling Rate Rises To ₦1,380 As Official Rate Stands At ₦1,332.49

The US dollar was quoted at ₦1,332.49 at the Nigerian Foreign Exchange Market (NFEM), while the naira traded at approximately ₦1,370 for buying and ₦1,380 for selling on the parallel market, based on the latest available figures as of Monday, October 12, 2026.

According to Bush Radio Academy, the official exchange rate reflects the latest completed trading session on Friday, October 9, as the new week’s foreign exchange activities begin. Meanwhile, parallel-market quotations indicate a higher selling price for the dollar.

Figures published by the Central Bank of Nigeria (CBN) showed that the official NFEM rate closed at ₦1,332.49 per dollar on Friday, October 9. The market serves as Nigeria’s official foreign exchange platform, where exchange rates are influenced by demand and supply.

The official closing rate provides a benchmark for businesses, investors and individuals monitoring the naira’s performance against the US dollar. However, the figure does not necessarily represent the exact amount every customer will pay when purchasing foreign currency through a bank, as transaction conditions and applicable charges may differ.

On the parallel market, commonly known as the black market, currency dealers quoted the dollar at approximately ₦1,370 for buying and ₦1,380 for selling, based on reported figures from Saturday, October 10.

The buying rate represents the amount dealers pay customers for their dollars, while the selling rate is the price customers pay to purchase the foreign currency. These rates may vary depending on location, dollar availability, transaction size and prevailing market demand.

A comparison of the reported figures shows that the parallel-market selling rate of ₦1,380 was ₦47.51 above the official NFEM closing rate of ₦1,332.49 per dollar. However, the comparison involves figures reported on different dates, and the official rate for Monday may change as trading progresses.

The difference between the two rates can affect Nigerians making dollar-denominated payments for international school fees, travel, imported goods and other overseas transactions.

Based on the reported quotations, purchasing $100 at the parallel-market selling rate of ₦1,380 would cost approximately ₦138,000, compared with ₦133,249 at the official closing rate of ₦1,332.49, excluding applicable charges.

Similarly, buying $1,000 at the two rates would result in a difference of ₦47,510, assuming the quoted rates applied to the entire transaction.

The naira’s performance on Monday, October 12, will depend on developments in the foreign exchange market, including dollar supply, demand and other prevailing economic conditions.

As official rates can fluctuate during trading, the previous session’s closing figure should not automatically be regarded as Monday’s final rate. Individuals and businesses planning foreign currency transactions are advised to confirm current quotations with their banks or authorised currency dealers before making payments.