The Nigerian Foreign Exchange Market (NFEM) serves as the official platform for foreign currency transactions, while the parallel market, commonly known as the black market, remains an alternative source of dollars for individuals and businesses.
Dollar to Naira Exchange Rate Today
As of Monday, November 9, 2026, the latest available official NFEM closing rate stood at approximately ₦1,346.79 per dollar, based on market data for Friday, November 6, published by the Central Bank of Nigeria (CBN).
In the parallel market, the dollar was quoted at approximately ₦1,415 to ₦1,430, depending on the dealer and location.
The figures indicate a difference of approximately ₦68.21 to ₦83.21 per dollar between the official closing rate and the reported parallel-market quotations.
Official Dollar Rate vs Black Market Rate
The official and parallel markets operate under different conditions, and their exchange rates may vary depending on currency availability, demand and transaction circumstances.
| Market | Dollar to Naira Rate |
|---|---|
| Official NFEM closing rate | ₦1,346.79 |
| Parallel market | ₦1,415–₦1,430 |
| Difference | ₦68.21–₦83.21 |
The official rate represents the reported closing figure for November 6, while the parallel-market figures are indicative quotations reported for Monday morning, November 9.
Why the Dollar-to-Naira Rate Matters
The exchange rate affects businesses and individuals who depend on foreign currency for transactions.
Importers and businesses purchasing goods from abroad monitor the dollar rate because changes in the exchange rate can influence the cost of imported products, production materials and other expenses.
Students and individuals making international payments also monitor exchange-rate movements when budgeting for tuition, travel and other dollar-denominated expenses.
However, the actual rate available to a customer may differ depending on the transaction, the source of foreign currency and applicable charges.
Disclaimer on Today's Exchange Rate
The parallel-market figures are indicative and may change throughout the day depending on dollar supply, demand, dealer quotations and location.
The official NFEM figure cited above is the latest available closing rate identified in the supplied market information, rather than a confirmed live trading rate for Monday, November 9.
Readers are advised to confirm the applicable exchange rate with their bank or authorised foreign exchange provider before making transactions.
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