Reported by Simon Daniel Yusuph l Journalist at Weng Global
The dollar-to-naira exchange rate remains a key indicator for Nigerians monitoring the cost of imported goods, international payments, travel expenses and foreign currency transactions on Friday, October 9, 2026.
The latest available official reference data puts the US dollar at approximately ₦1,331.60 per dollar, based on the Central Bank of Nigeria’s exchange-rate figures for Thursday, October 8. Meanwhile, indicative parallel-market quotations published by currency trackers on October 9 show the dollar trading at higher rates, although actual prices vary by dealer, location and transaction size.
NairaFX reported indicative parallel-market buying and selling rates of ₦1,383 and ₦1,388 per dollar, respectively. Another tracker, Awajis, reported approximate black-market rates of ₦1,375 to buy a dollar and ₦1,385 to sell one. These are unofficial market indications, not guaranteed quotations for every Nigerian city or dealer.
Dollar to Naira Exchange Rate Today
The available rates for Friday, October 9, 2026, are summarised below.
| Exchange market | Dollar buying rate | Dollar selling rate | Rate date |
| Official CBN reference | Approximately ₦1,331.10 | Approximately ₦1,332.10 | October 8, 2026 |
| Parallel market — NairaFX indication | Approximately ₦1,383 | Approximately ₦1,388 | October 9, 2026 |
| Parallel market — Awajis indication | Approximately ₦1,375 | Approximately ₦1,385 | October 9, 2026 |
Important: The official figures above represent the latest available reference data identified for October 8, rather than a newly confirmed CBN rate for October 9. The parallel-market figures are indicative quotations from separate trackers and should not be treated as a single nationwide rate.
What Is the Official Dollar to Naira Rate?
The official foreign exchange benchmark is published by the Central Bank of Nigeria through the Nigerian Foreign Exchange Market, commonly referred to as NFEM.
The available data for October 8 puts the dollar’s reference rate at approximately ₦1,331.60, with a buying figure of about ₦1,331.10 and a selling figure of about ₦1,332.10.
The NFEM rate is derived from transactions in the official foreign exchange market. It serves as a benchmark for understanding the value of the naira against the US dollar, but the precise rate available to an individual customer may depend on the institution, transaction type and applicable charges.
The official rate is also not necessarily the amount a person will receive when selling dollars to a currency dealer or the amount required to purchase dollars in the parallel market.
The Central Bank’s published rates may not be updated on every calendar day. Consequently, readers checking the rate on a Friday should confirm the date attached to the latest available official figures instead of assuming that the previous trading day’s rate is a newly published Friday rate.
Dollar to Naira Black Market Rate Today
The parallel market provides another reference point for Nigerians who need to understand informal foreign exchange quotations.
For October 9, the available market trackers report differing dollar buying and selling prices. NairaFX lists indicative rates of approximately ₦1,383 for buying a dollar and ₦1,388 for selling one. Awajis gives a lower indicative range, reporting approximately ₦1,375 and ₦1,385, respectively.
The differences demonstrate why there is no single parallel-market price that can be assumed to apply to every transaction across Nigeria.
Rates may vary between Lagos, Abuja, Kano, Port Harcourt and other locations. The amount being exchanged, availability of dollars, dealer margins and prevailing demand can also affect the quotation offered to a customer.
The terms buying rate and selling rate can sometimes cause confusion. In this report, the buying rate refers to the indicative amount a dealer pays to obtain one US dollar from a customer. The selling rate refers to the amount the customer may pay to purchase one US dollar from the dealer.
Anyone planning a transaction should confirm the dealer’s quotation directly before exchanging money. The figures published by currency trackers are reference information and do not guarantee that a dealer will offer the same price.
How Much Is $100 in Naira Today?
Using the available official reference rate of approximately ₦1,331.60 per dollar, $100 is worth about ₦133,160 before any applicable charges or differences in transaction pricing.
At the indicative parallel-market rates reported for October 9, the same $100 would have the following approximate values:
| Exchange rate used | Approximate naira value of $100 |
| Official reference: ₦1,331.60 | ₦133,160 |
| Parallel market: ₦1,375 | ₦137,500 |
| Parallel market: ₦1,383 | ₦138,300 |
| Parallel market: ₦1,385 | ₦138,500 |
| Parallel market: ₦1,388 | ₦138,800 |
These calculations illustrate how the value of a dollar in naira changes depending on the exchange rate used. They are not guaranteed offers or final settlement amounts.
For larger transactions, the difference can become more significant. Someone exchanging $1,000, for example, would be comparing approximately ₦1.332 million at the official reference rate with roughly ₦1.375 million to ₦1.388 million using the indicative parallel-market quotations shown above.
The actual amount received or paid will depend on the applicable rate and any fees or charges.
Why the Dollar-to-Naira Rate Matters
The exchange rate affects more than people buying or selling foreign currency. It also influences the cost of doing business, household spending and the prices of products imported into Nigeria.
Businesses that purchase equipment, machinery, raw materials or finished goods from abroad may need dollars to pay suppliers. When the naira weakens against the dollar, the naira cost of those purchases can rise, depending on the exchange rate and other expenses.
Importers may then face difficult choices. They can absorb some of the higher costs, reduce their profit margins, renegotiate with suppliers or increase the prices charged to customers.
The effect on consumer prices is not automatic or identical across every product. Shipping expenses, taxes, local production costs, inventory purchased at earlier rates and market competition also influence final prices. Nevertheless, exchange-rate movements remain an important factor for businesses that depend on imported goods.
The rate also matters to Nigerians paying international tuition fees, supporting family members abroad, booking foreign travel or subscribing to services priced in US dollars.
For these transactions, even a relatively small difference in the exchange rate can change the total amount required in naira.
What Determines the Dollar-to-Naira Exchange Rate?
Several factors influence the naira’s value against the US dollar.
Foreign exchange supply and demand
The availability of dollars is an important consideration. Demand may come from importers, manufacturers, travellers, businesses paying overseas suppliers and individuals making international payments.
Dollar supply can be influenced by export earnings, foreign investment, remittances and other foreign currency inflows. When demand and supply change, exchange rates may respond.
Oil revenue and export earnings
Crude oil remains an important source of foreign exchange for Nigeria. Oil production, international prices and the amount of export revenue entering the economy can influence foreign currency availability.
However, oil prices alone do not determine the naira’s value. Production levels, fiscal policy, capital flows, foreign currency demand and wider economic conditions also matter.
Central Bank policy
The Central Bank of Nigeria plays a central role in the country’s monetary and foreign exchange framework. Its policies, market rules and measures to improve the functioning of the foreign exchange market can influence how transactions take place.
The official NFEM benchmark provides a reference for the market, but individual transactions may still be priced differently depending on the circumstances.
International economic conditions
Developments in the United States and the wider global economy can also affect the dollar’s performance. Changes in US interest rates, investor demand for dollar-denominated assets and global uncertainty can influence the dollar against other currencies.
For Nigeria, these external developments interact with domestic economic conditions and the supply of foreign currency.
What Nigerians Should Know Before Exchanging Dollars
Anyone planning a foreign exchange transaction should distinguish between an official reference rate and the price available for a specific purchase or sale.
The official rate is useful for tracking the broader value of the naira, while bank rates and parallel-market quotations may differ according to the transaction and provider.
Customers should confirm the full amount they will receive or pay, including any applicable fees, before completing a transaction. They should also use authorised providers and follow the relevant foreign exchange rules.
Businesses that make regular international payments may benefit from comparing legitimate provider quotations and planning payments carefully. However, exchange-rate movements are uncertain, and no daily quotation should be treated as a guarantee of future prices.
Readers should also pay attention to the date and source of any published rate. A figure carried forward from the previous business day is not necessarily a new rate for the current date.
What Happens Next?
The next official reference update will depend on the Central Bank of Nigeria’s publication of new foreign exchange market data. Parallel-market quotations may change independently as dealers respond to demand, supply and local trading conditions.
For Friday, October 9, the most important distinction is between the latest available official reference data from October 8 and the indicative parallel-market quotations reported on October 9.
The figures provide a useful snapshot of the dollar-to-naira market, but they should not be treated as fixed prices available to every customer.
Nigerians making payments, exchanging cash or planning business transactions should verify the applicable rate with their bank or authorised foreign exchange provider before proceeding.
Weng Global – stories beyond borders
Sources
- Central Bank of Nigeria
- NairaFX
- Awajis
