By Boluwatife Oshadiya | October 12, 2026
Key Points
- The Central Bank of Nigeria’s NFEM closing rate stood at ₦1,332.49 per dollar on Friday, October 9
- Parallel-market quotations placed the dollar at ₦1,370 for buying and ₦1,380 for selling on Saturday, October 10
- Nigerians making dollar-denominated payments should confirm current rates with their banks or authorised currency dealers
Main Story
The US dollar traded at an official closing rate of ₦1,332.49 on Nigeria’s Nigerian Foreign Exchange Market (NFEM) on Friday, October 9, while parallel-market quotations reached ₦1,380 for selling on Saturday, October 10, according to the latest available figures.
Data published by the Central Bank of Nigeria (CBN) showed that the NFEM closed at ₦1,332.49 per dollar on Friday, compared with ₦1,333.55 on Thursday, October 8. The movement represented a ₦1.06 appreciation in the naira against the dollar at the official market. CBN exchange-rate data
In the parallel market, the dollar was quoted at approximately ₦1,370 for buying and ₦1,380 for selling in the latest reported figures from Saturday, October 10. These quotations are indicative rather than guaranteed transaction rates and may vary by location, dealer and payment method. Parallel-market rate report
The difference between the official closing rate and the parallel-market selling quotation was ₦47.51 per dollar. This means that, using these reference figures, purchasing $1,000 at the parallel-market selling rate would cost approximately ₦47,510 more than the equivalent amount calculated at the official closing rate, before fees or other charges.
The exchange-rate difference remains relevant to individuals and businesses paying international tuition fees, financing overseas travel, importing goods and settling other dollar-denominated obligations.
The official figure reflects the last completed NFEM trading session available in the data reviewed, rather than a confirmed closing rate for Monday, October 12. The rate may change as the new trading session progresses.
What’s Being Said
The CBN’s published exchange-rate data places the official closing rate at ₦1,332.49 per dollar for Friday, October 9. The parallel-market figures reported for October 10 indicate a higher selling quotation of ₦1,380 per dollar.
No new direct statement from the CBN or an independent market analyst was included in the source material reviewed for this report. The reported figures should therefore be treated as dated market references, not as confirmation of the rate available to every customer on Monday.
What’s Next
- Monday’s NFEM trading session: Market participants should monitor the CBN’s published exchange-rate data for the latest official rate and closing figure.
- Parallel-market quotations: Buyers and sellers should confirm current rates directly with authorised dealers, as quotations can change during the day.
- Dollar payment planning: Individuals and businesses with imminent foreign-currency obligations should compare available rates and applicable transaction charges before making payments.
Bottom Line
The Bottom Line: The naira’s official closing rate and parallel-market quotations provide different reference points for dollar transactions, with a ₦47.51-per-dollar gap between the figures cited. For individuals and businesses, the practical cost of obtaining dollars will depend on the rate actually offered, transaction fees and access to the relevant market.
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