The exchange rate between the United States dollar and the Nigerian naira remains a major concern for businesses, importers, investors and Nigerians who depend on foreign currency for international transactions.
On Wednesday, November 4, 2026, the naira continued to trade at different rates across the official foreign exchange market and the parallel market, popularly known as the black market.
Available market reports indicate that the dollar is exchanging at approximately ₦1,346.43 per dollar in the official market, while operators in the parallel market are buying the dollar at about ₦1,380 and selling at approximately ₦1,390.
However, exchange rates may vary depending on the financial institution, location, availability of foreign currency and transaction volume.
Official Dollar to Naira Exchange Rate Today
In the official foreign exchange market, the dollar is trading at approximately ₦1,346.43 against the naira, according to the latest reported market figures.
The official exchange rate is influenced by foreign currency demand and supply, market liquidity and transactions conducted through the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) continues to oversee the country’s foreign exchange market as part of efforts to improve transparency, strengthen market stability and ensure better access to foreign currency.
Black Market Dollar to Naira Exchange Rate Today
At the parallel market, popularly known as the black market, the dollar is exchanging at approximately:
- Black market buying rate: ₦1,380 per dollar.
- Black market selling rate: ₦1,390 per dollar.
These rates are indicative and may differ among Bureau De Change operators and other currency dealers across the country.
The difference between the official and parallel market rates reflects the varying conditions under which foreign exchange transactions take place in both markets.
How Much Is $100, $500 and $1,000 in Naira Today?
Based on the reported exchange rates, the following are the estimated naira equivalents of selected dollar amounts.
| Dollar amount | Official rate (₦1,346.43) | Black market (₦1,390) |
|---|---|---|
| $100 | ₦134,643 | ₦139,000 |
| $200 | ₦269,286 | ₦278,000 |
| $500 | ₦673,215 | ₦695,000 |
| $1,000 | ₦1,346,430 | ₦1,390,000 |
| $2,000 | ₦2,692,860 | ₦2,780,000 |
Factors Influencing the Dollar to Naira Exchange Rate
Several factors continue to influence the movement of the dollar against the naira in Nigeria.
One of the major factors is the demand and supply of foreign currency. Increased demand for dollars from importers, manufacturers, businesses and individuals can put pressure on the naira, particularly when foreign exchange supply is limited.
Nigeria’s foreign reserves, crude oil earnings, foreign investments and diaspora remittances also play important roles in determining the strength of the local currency.
Additionally, government economic policies and decisions by the Central Bank of Nigeria can influence market confidence and foreign exchange stability.
What Nigerians Should Expect
The difference between the official and parallel market exchange rates remains an important issue for Nigerians, particularly businesses that depend on imported raw materials, machinery and finished products.
A stable naira could help reduce the cost of importing goods, improve business planning and ease some of the pressure on consumers.
However, continued fluctuations in the exchange rate could increase operating costs for businesses and affect the prices of goods and services across the country.
Nigerians planning to purchase or sell foreign currency are advised to confirm the prevailing rates with their banks and authorised Bureau De Change operators before completing transactions.
The dollar-to-naira exchange rate may change throughout the trading day depending on market conditions.