The Nigerian naira continues to trade at different rates against the United States dollar in the official foreign exchange market and the parallel market as businesses, importers and individuals monitor currency movements on Wednesday, November 4, 2026.
The latest available figures show that the dollar is trading at approximately ₦1,346.43 in the Nigerian Foreign Exchange Market (NFEM), based on the market report published on Tuesday, November 3.
In the parallel market, commonly referred to as the black market, the dollar is being bought at around ₦1,380 and sold for approximately ₦1,390. However, rates may differ from one location to another, depending on demand, available dollar supply and the volume of transactions.
The two markets operate under different conditions. While the NFEM rate reflects transactions in Nigeria’s official foreign exchange market, parallel market prices are largely determined by demand and supply among independent currency dealers.
At the current quoted rates, $100 is valued at approximately ₦134,643 using the official market rate, while the same amount would cost about ₦139,000 at the parallel market’s selling rate.
This puts the difference between the two selling rates at approximately ₦43.57 per dollar, highlighting the gap between the official and parallel foreign exchange markets.
The naira’s movement in the official market continues to depend on several factors, including the availability of foreign exchange, demand from importers and other market participants, as well as prevailing liquidity conditions.
Meanwhile, Bureau De Change operators may adjust their rates throughout the day in response to changing market conditions.
Nigerians planning to buy or sell foreign currency are advised to check the latest rates with their banks and authorised Bureau De Change operators before carrying out transactions, as exchange rates are subject to fluctuations.
