The Dollar to Naira exchange rate in Nigeria’s black market entered Friday, October 23, 2026, with the latest available quotations showing the United States dollar at approximately N1,375 for buying and N1,390 for selling, as demand for foreign currency continues to influence Nigeria’s exchange rate market.
The figures, reported on Thursday, October 22, provide an indication of prevailing parallel-market prices ahead of Friday’s trading. Actual quotations may change during the day.
At these rates, individuals exchanging dollars for naira receive approximately N1,375 per dollar, while those purchasing the American currency pay around N1,390.
Other market trackers have reported slightly lower selling rates, highlighting differences in pricing among currency dealers and trading locations.
How Much Is Dollar to Naira Today in the Black Market?
The latest available indicative parallel-market exchange rates entering Friday, October 23, 2026, are:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,390 |
Based on these quotations, the following conversions apply:
- $100: N137,500 when selling and N139,000 when buying.
- $200: N275,000 when selling and N278,000 when buying.
- $500: N687,500 when selling and N695,000 when buying.
- $1,000: N1,375,000 when selling and N1,390,000 when buying.
The indicative difference between the buying and selling rates stands at N15 per dollar. Actual transaction prices depend on individual dealers, transaction volumes and prevailing market conditions.
Naira Faces Pressure as Dollar Demand Increases
The naira entered Friday’s trading amid renewed concerns about foreign exchange demand, particularly from importers preparing for increased commercial activity towards the end of the year.
Demand for dollars from businesses purchasing imported goods and settling international obligations remains an important factor influencing the currency market.
Investor profit-taking and the repatriation of investment proceeds can also affect foreign exchange liquidity, particularly when demand increases faster than available supply.
The latest parallel-market quotations are above the N1,365 buying and N1,380 selling rates reported in Wednesday’s Investors King update.
However, differences between market trackers mean that the comparison should be treated as indicative rather than a precise measurement of transactions across all dealers.
For manufacturers and import-dependent businesses, a weaker naira increases the local currency cost of imported raw materials, machinery and finished products.
These additional costs can affect operating margins and contribute to higher prices when businesses pass exchange rate increases on to consumers.
Official Dollar to Naira Exchange Rate
At the official Nigerian Foreign Exchange Market (NFEM), the naira came under pressure during Thursday’s trading as demand for foreign currency increased.
Reuters reported that the official exchange rate was around N1,339 per dollar on Thursday, October 22, compared with the N1,337 closing rate recorded on Wednesday, October 21.
The movement indicates depreciation in the official market, although the quoted Thursday figure should not be treated as a confirmed final closing rate.
Using the reported Thursday official rate of approximately N1,339 and the indicative parallel-market selling rate of N1,390, the difference between the two markets stands at about N51 per dollar.
The Central Bank of Nigeria (CBN) oversees the official foreign exchange framework and publishes market information used by businesses, financial institutions and investors.
Movements in the official market remain important because they influence foreign currency pricing, import costs and investor expectations.
Factors Influencing the Dollar to Naira Exchange Rate
Several economic developments will continue to shape the naira’s performance.
Import Demand: Increased purchases of foreign goods, equipment and raw materials can raise demand for dollars, particularly towards periods of heightened commercial activity.
Foreign Exchange Liquidity: The availability of foreign currency through banks and authorised dealers influences the ability of businesses and individuals to meet international payment obligations.
Foreign Investment: Portfolio investment, foreign direct investment and the repatriation of investment proceeds affect dollar inflows and outflows.
Crude Oil Export Earnings: Nigeria’s oil production and international crude prices influence export receipts and the country’s foreign exchange earnings.
Diaspora Remittances: Money transferred by Nigerians living abroad provides an additional source of foreign currency.
Monetary Policy: Interest rates, liquidity management and other measures implemented by the CBN influence financial market conditions and investor confidence.
Dollar to Naira Outlook
The naira could face additional pressure if demand from importers and investors continues to increase without a corresponding improvement in foreign exchange supply.
However, stronger export earnings, capital inflows and improved dollar liquidity could help moderate exchange rate movements.
Market participants will continue monitoring official foreign exchange transactions, crude oil prices, external reserves and monetary policy developments for indications of the naira’s near-term direction.
For daily Dollar to Naira exchange rate updates, Nigerian business news, financial market developments and economic analysis, visit Investors King.
