News – Page 320 – Global Nigeria News

The naira’s exchange rate against the US dollar remains a major focus for businesses, importers, investors and Nigerians who depend on foreign currency for international transactions. The Nigerian Foreign Exchange Market (NFEM) and the parallel market are two major segments of Nigeria’s foreign exchange market, with rates varying according to currency supply, demand and market conditions. As of Monday, November 2, 2026, the latest available figures indicate that the official NFEM rate stood at ₦1,346.26 per dollar, while the parallel market quoted the dollar at approximately ₦1,386.36. Official NFEM exchange rate Data published by the Central Bank of Nigeria (CBN) showed that the naira traded at an average rate of ₦1,346.2565 per dollar on Friday, October 30, the latest available official trading data ahead of Monday’s session. The official market also recorded a closing rate of ₦1,346.00 per dollar, reflecting a marginal improvement from the previous trading session. The NFEM rate is determined by the volume-weighted average of transactions in the official foreign exchange market. It serves as the benchmark for official foreign currency transactions in Nigeria. Central Bank of Nigeria Dollar to naira black market rate today In the parallel market, commonly known as the black market, currency dealers quoted the dollar at approximately ₦1,380.59 for buying and ₦1,386.36 for selling as of Sunday, November 1. This means Nigerians seeking to purchase one dollar from parallel market operators would need approximately ₦1,386, although the actual amount may vary depending on the dealer and location. The parallel market rates are indicative and may change throughout the day in response to foreign exchange demand and supply. Difference between official and parallel market rates The difference between the latest official NFEM weighted average of ₦1,346.26 and the parallel market selling rate of ₦1,386.36 is approximately ₦40.10 per dollar.…

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