The Dollar to Naira exchange rate in Nigeria’s black market, also known as the parallel market, strengthened slightly at the start of the week as the US dollar traded at N1,375 for buying and N1,390 for selling across major Bureau De Change (BDC) markets. Dealers said the market remained relatively calm despite continued demand for foreign currency.
According to Bureau De Change operators, the N1,375 buying rate represents the amount dealers pay Nigerians selling US dollars, while the N1,390 selling rate is the amount customers pay to purchase one US dollar. Exchange rates may vary slightly depending on location, transaction size and individual dealers.
The parallel market continues to play an important role for importers, manufacturers, international travellers, students paying tuition abroad and businesses settling overseas obligations.
How Much Is Dollar to Naira Today in Black Market?
The prevailing black market exchange rate as of Monday, September 21, 2026, is:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,390 |
At the prevailing rates:
- Selling $100 would fetch approximately N137,500.
- Buying $100 would cost approximately N139,000.
- Selling $1,000 would yield about N1.375 million.
- Purchasing $1,000 would cost approximately N1.39 million.
Naira Holds Firm in the Parallel Market
The Dollar to Naira exchange rate remained broadly unchanged from the previous trading session, indicating balanced demand and supply in the parallel market. Dealers said demand from importers, manufacturers, travellers and businesses making overseas payments continued to support the market, while improved foreign exchange liquidity helped keep rates relatively stable.
Key Factors Driving the Exchange Rate
The movement of the Dollar to Naira exchange rate continues to be influenced by:
- Demand for foreign exchange from businesses and individuals.
- Availability of US dollars in the official and parallel markets.
- Nigeria’s crude oil export earnings and external reserves.
- Diaspora remittances and foreign investment inflows.
- Monetary policy and foreign exchange reforms.
- Inflation and broader macroeconomic conditions.
Official Dollar to Naira Exchange Rate
Nigeria’s official foreign exchange market operates under the supervision of the Central Bank of Nigeria (CBN). The latest Nigerian Foreign Exchange Market (NFEM) rate stood at approximately N1,331.20 per US dollar, remaining below the prevailing parallel market rate.
The difference between the official and parallel market rates reflects differences in pricing mechanisms, liquidity conditions and access to foreign exchange.
Outlook
Analysts expect the Dollar to Naira exchange rate to remain influenced by foreign exchange liquidity, oil export earnings, investor confidence, external reserves and monetary policy. Continued improvements in official dollar supply could support the naira, while sustained demand in the parallel market is expected to keep trading active in the coming days.
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