The Nigerian naira remained relatively stable against the United States dollar on Friday, October 2, 2026, as the official foreign exchange market and parallel market continued to trade within a relatively narrow range.

At the official Nigerian Foreign Exchange Market (NFEM), the dollar was reported at approximately ₦1,328.17, with the Central Bank of Nigeria reference rate around ₦1,329.16 per dollar.

In the parallel market, the dollar was being bought at about ₦1,375 and sold at approximately ₦1,390, although actual rates may differ depending on location, dealer and transaction size.

Dollar-to-Naira Rates Today

Market| Buying Rate| Selling Rate
Official market| About ₦1,328/$| About ₦1,329/$
Parallel market| About ₦1,375/$| About ₦1,390/$

For someone buying $100 at a parallel-market selling rate of ₦1,390, the cost would be approximately ₦139,000.

For $1,000, the same rate would amount to approximately ₦1.39 million.

Why the Exchange Rate Matters

Movements in the dollar-to-naira exchange rate continue to affect Nigerian businesses and individuals who depend on foreign currency.

Importers, international travellers, students paying fees abroad and businesses making overseas payments are among those closely watching the exchange rate.

The difference between the official and parallel-market rates also means that the amount paid for dollars can vary depending on where and how the transaction is carried out.

What Could Influence the Naira?

Several factors can influence the naira’s performance, including foreign-exchange liquidity, demand for dollars, crude-oil earnings, foreign investment and remittances, as well as monetary and foreign-exchange policies.

For now, the latest market reports point to continued relative stability, but exchange rates can change during the day as market conditions shift.

Note: Exchange rates are indicative and can change without notice. Readers should confirm the applicable rate with their bank or authorised foreign-exchange provider before carrying out a transaction.