The Dollar to Naira exchange rate in Nigeria’s black market, also known as the parallel market, opened the week on a firmer note as the US dollar traded at N1,375 for buying and N1,390 for selling across major Bureau De Change (BDC) markets.
The naira continued to trade within a relatively narrow range despite sustained demand for foreign exchange from businesses and individuals.
According to Bureau De Change operators, the N1,375 buying rate represents the amount dealers pay Nigerians selling US dollars, while the N1,390 selling rate is the amount customers pay to purchase one US dollar. Rates may vary slightly depending on location, transaction size and individual dealers.
The parallel market remains an important source of foreign exchange for importers, manufacturers, international travellers, students paying tuition abroad, businesses settling overseas obligations and individuals requiring immediate access to foreign currency.
How Much Is Dollar to Naira Today in the Black Market?
The prevailing black market exchange rate as of Monday, October 5, 2026, is:
| Currency |
Buying Rate |
Selling Rate |
| US Dollar (USD) |
N1,375 |
N1,390 |
At the prevailing rates:
- Selling $100 would fetch approximately N137,500.
- Buying $100 would cost approximately N139,000.
- Selling $1,000 would yield about N1.375 million.
- Purchasing $1,000 would cost approximately N1.39 million.
Naira Opens the Week on a Stable Footing
The Dollar to Naira exchange rate remained broadly unchanged from the previous trading session, suggesting balanced demand and supply in the parallel market. Currency dealers said demand from importers, manufacturers, international travellers and businesses making overseas payments continues to support the market, while improved liquidity has helped limit significant exchange-rate volatility.
Key Factors Influencing the Exchange Rate
The movement of the Dollar to Naira exchange rate continues to be influenced by:
- Demand for foreign exchange from businesses and individuals.
- Availability of US dollars in the official and parallel markets.
- Nigeria’s crude oil export earnings.
- Diaspora remittances and foreign investment inflows.
- Monetary policy and foreign exchange reforms.
- Inflation and broader macroeconomic conditions.
Official Dollar to Naira Exchange Rate
Nigeria’s official foreign exchange market is regulated by the Central Bank of Nigeria (CBN). The latest Nigerian Foreign Exchange Market (NFEM) rate stood at approximately N1,330.10 per US dollar, remaining below the prevailing parallel market rate.
The gap between the official and parallel market rates reflects differences in market liquidity, pricing mechanisms and access to foreign exchange.
Outlook
Analysts expect the Dollar to Naira exchange rate to remain influenced by foreign exchange liquidity, crude oil export earnings, investor confidence, external reserves and monetary policy. While improved dollar inflows could provide additional support for the naira, sustained demand for foreign currency is expected to keep the parallel market active in the coming days.
For the latest Dollar to Naira exchange rate, Nigerian business news, financial market intelligence and economic analysis, visit Investors King.
