The naira traded at about ₦1,329 per dollar on the official foreign exchange market on Friday, October 9, while the parallel market rate stood at approximately ₦1,385.
The official rate of ₦1,329.34 was within the ₦1,327 to ₦1,332 range reported in early October, indicating relatively limited movement in the official market.
However, the difference between the official and parallel market rates highlights the varying costs of accessing dollars across Nigeria’s foreign exchange channels.
Dollar to naira exchange rate today
The reported exchange rates for Friday, October 9, 2026, are shown below.
| Market | Exchange rate for $1 |
|---|---|
| Official market (NFEM) | ₦1,329.34 |
| Parallel market (black market) | ₦1,385 |
These figures are reference rates and may differ from the rates offered by banks, authorised dealers and other foreign exchange providers. Actual transaction rates depend on the provider and the nature of the transaction.
What the exchange rate means for Nigerians
The dollar-to-naira exchange rate affects the cost of imported goods, international payments and other transactions priced in foreign currencies.
For Nigerian businesses that rely on imported raw materials, machinery and finished products, the rate at which they obtain dollars influences their operating costs, pricing decisions and profit margins.
A weaker naira can increase the local currency cost of imports, potentially putting pressure on businesses to raise prices. This can also affect consumers who ultimately bear part of the additional cost.
Households making payments for overseas education, international travel, foreign subscriptions and other dollar-denominated services may also face higher expenses when the naira weakens.
The difference between the official and parallel market rates is particularly relevant to individuals and businesses whose access to foreign currency varies by provider or transaction type.
What could influence the naira’s performance?
The naira’s movement depends partly on the supply of dollars relative to demand from importers, investors, businesses and individuals.
Foreign exchange inflows from oil exports, diaspora remittances and investment can support dollar availability. Conversely, increased demand for foreign currency can put pressure on the naira if supply does not keep pace.
The Central Bank of Nigeria’s foreign exchange policies and liquidity management also influence trading conditions in the official market.
Reuters reported on October 8 that the naira traded at around ₦1,331 per dollar in the official market and ₦1,370 in street trading. Market participants expected relative stability in the near term, according to the report.
However, exchange rates can change as market conditions evolve. The official market rate should therefore not be treated as a guaranteed rate for every transaction.
Individuals and businesses planning foreign currency payments should confirm the applicable rate with their banks or authorised foreign exchange providers before completing a transaction.
