The Dollar to Naira exchange rate in Nigeria’s black market, also known as the parallel market, remained stable at the start of the week as the US dollar traded at N1,375 for buying and N1,385 for selling across major Bureau De Change (BDC) markets.
The naira continued to hold firm amid relatively balanced demand and supply in the parallel foreign exchange market.
According to Bureau De Change operators, the N1,375 buying rate represents the amount dealers pay Nigerians selling US dollars, while the N1,385 selling rate is the amount customers pay to purchase one US dollar. Exchange rates may vary slightly depending on location, transaction size and individual dealers.
The parallel market remains a key source of foreign exchange for importers, manufacturers, international travellers, students paying tuition abroad, businesses settling overseas obligations and individuals requiring immediate access to US dollars.
How Much Is Dollar to Naira Today in Black Market?
The prevailing black market exchange rate as of Monday, September 28, 2026, is:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,385 |
At the prevailing rates:
- Selling $100 would fetch approximately N137,500.
- Buying $100 would cost approximately N138,500.
- Selling $1,000 would yield about N1.375 million.
- Purchasing $1,000 would cost approximately N1.385 million.
Naira Holds Firm Against the Dollar
The Dollar to Naira exchange rate remained broadly unchanged from recent trading sessions, indicating relatively balanced market conditions. Dealers said demand from importers, manufacturers, travellers and businesses making international payments continues to support activity in the parallel market, while improved liquidity has helped prevent sharp exchange-rate swings.
Key Factors Driving 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 and external reserves.
- 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 operates under the supervision of the Central Bank of Nigeria (CBN). The latest Nigerian Foreign Exchange Market (NFEM) rate stood at approximately N1,329.51 per US dollar, remaining below the prevailing parallel market rate.
The difference between the official and parallel market rates reflects differences in pricing mechanisms, liquidity conditions and access to foreign exchange.
Outlook
Analysts expect the Dollar to Naira exchange rate to remain influenced by foreign exchange liquidity, oil export earnings, investor confidence, external reserves and monetary policy. Continued improvements in official dollar supply could support the naira, while sustained demand in the parallel market is expected to keep trading active in the near term.
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