The Dollar to Naira exchange rate in Nigeria’s black market stood at approximately N1,375 for buying and N1,390 for selling on Wednesday, October 28, 2026, as the naira maintained relative stability in the parallel market while recording gains in the official foreign exchange window.
The latest quotations indicate that the United States dollar continues to trade at a premium in the informal market, although the gap between official and parallel-market exchange rates remains relatively narrow.
At the prevailing rates, Bureau De Change (BDC) operators buying dollars from Nigerians are offering approximately N1,375 per dollar, while individuals purchasing the American currency are paying around N1,390.
However, some exchange rate trackers quote lower prices, reflecting differences in trading locations, available liquidity and individual dealers.
How Much Is Dollar to Naira Today in the Black Market?
The indicative parallel-market exchange rates for Wednesday, October 28, 2026, are:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,390 |
Based on these rates, 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 difference between the buying and selling rates stands at N15 per dollar. Actual transaction prices may vary depending on the dealer, location and amount exchanged.
Naira Holds Steady in Black Market as Official Rate Improves
The naira maintained its recent parallel-market trading range on Wednesday, with the indicative buying and selling rates unchanged from those reported in Tuesday’s Investors King update.
However, the official foreign exchange market recorded a stronger performance.
The naira appreciated by N8 against the dollar on Tuesday, October 27, closing at N1,357 per dollar compared with N1,365 recorded on Monday.
The improvement represents an appreciation of approximately 0.59%, marking the currency’s biggest daily gain in the official market since August.
The development follows a period of increased exchange rate volatility, during which the official rate weakened to N1,370 per dollar on October 23 before recovering.
The latest movement highlights the sensitivity of the naira to changes in foreign exchange supply, trading activity and market expectations.
For manufacturers and import-dependent businesses, a stronger naira in the official market can reduce the local currency cost of imported raw materials, machinery and other foreign purchases, provided the improvement is reflected in executable bank quotations.
Official Dollar to Naira Exchange Rate
At the official Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,357 per US dollar on Tuesday, October 27, 2026, according to figures attributed to the Central Bank of Nigeria.
This compares with N1,365 per dollar on Monday, representing an N8 improvement.
Using Tuesday’s official closing rate and Wednesday’s indicative parallel-market selling rate of N1,390, the difference between the two markets stands at N33 per dollar, equivalent to approximately 2.43% of the official closing rate.
The comparison uses Tuesday’s official closing rate because Wednesday’s final trading-session figure was not yet available at the time of reporting.
The Central Bank of Nigeria (CBN) oversees the official foreign exchange market and publishes currency data used by banks, businesses and investors.
Factors Influencing Dollar to Naira Exchange Rate
Several developments continue to influence the performance of Nigeria’s currency.
Foreign Exchange Liquidity: The availability of dollars through banks and authorised dealers affects exchange rate movements. Improved supply can reduce pressure on the naira when demand remains moderate.
Crude Oil Export Earnings: Nigeria’s crude oil production, international oil prices and export receipts influence foreign exchange inflows and the country’s external revenue position.
Import Demand: Manufacturers and importers require dollars to purchase machinery, raw materials and finished products, making international trade an important source of foreign currency demand.
Foreign Investment: Portfolio investment and foreign direct investment contribute to foreign exchange availability, while the repatriation of investment proceeds can increase dollar demand.
Diaspora Remittances: Transfers from Nigerians living abroad provide an additional source of foreign exchange inflows.
Monetary Policy: Interest rate decisions, liquidity management and foreign exchange regulations implemented by the CBN influence investor expectations and financial market conditions.
Dollar to Naira Outlook
The naira’s performance in the coming trading sessions will depend on whether the improvement recorded in the official market can be sustained.
Continued foreign exchange inflows, stronger export earnings and improved liquidity could provide additional support for the Nigerian currency.
However, renewed demand from importers, manufacturers and individuals making overseas payments could put pressure on exchange rates if dollar supply fails to keep pace.
Market participants will continue monitoring official exchange rate movements, Nigeria’s external reserves, crude oil prices and monetary policy developments for indications of the currency’s near-term direction.
For daily Dollar to Naira exchange rate updates, Nigerian business news, financial market developments and economic analysis, visit Investors King.
