The Dollar to Naira exchange rate in Nigeria’s black market stood at approximately N1,380 for buying and N1,390 for selling on Wednesday, November 4, 2026, as the naira maintained a relatively stable position against the United States dollar.
The latest parallel-market quotations indicate that the Nigerian currency has recovered slightly from Tuesday’s selling rate of N1,395, although prices continue to vary among Bureau De Change (BDC) operators.
At the prevailing rates, individuals selling dollars to currency dealers receive approximately N1,380 per dollar, while those purchasing the American currency pay around N1,390.
The difference between the buying and selling rates stands at N10 per dollar, reflecting the indicative spread between the two quotations.
How Much Is Dollar to Naira Today in the Black Market?
The indicative parallel-market exchange rates for Wednesday, November 4, 2026, are:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,380 | N1,390 |
Based on these quotations, the following conversions apply:
- $100: N138,000 when selling and N139,000 when buying.
- $200: N276,000 when selling and N278,000 when buying.
- $500: N690,000 when selling and N695,000 when buying.
- $1,000: N1,380,000 when selling and N1,390,000 when buying.
These figures are indicative and may differ from actual transaction prices depending on the dealer, location and amount exchanged.
Naira Records Modest Improvement in Parallel Market
The naira strengthened slightly on Wednesday compared with the indicative quotations reported in Tuesday’s Naijaonpoint exchange rate update.
While the buying rate remained unchanged at N1,380 per dollar, the selling rate declined by N5 from N1,395 to N1,390.
The movement represents a modest improvement in the cost of purchasing dollars, although differences between reporting sources mean the change may not be uniform across all dealers.
For businesses dependent on imported raw materials, machinery and finished products, even small exchange rate movements can influence operating expenses and pricing decisions.
Nigerians paying overseas tuition fees, medical bills and travel expenses also benefit when the naira cost of purchasing foreign currency declines.
However, the sustainability of the improvement will depend on foreign exchange availability and demand in subsequent trading sessions.
Official Dollar to Naira Exchange Rate
At the official Nigerian Foreign Exchange Market (NFEM), the latest reported reference rate stood at approximately N1,346.43 per US dollar for Tuesday, November 3, 2026.
The official rate remained below the parallel-market selling rate of N1,390, reflecting differences in pricing and foreign exchange availability between the two markets.
Using the latest reported official reference rate and Wednesday’s indicative parallel-market selling rate, the difference stands at approximately N43.57 per dollar, equivalent to 3.24% of the official rate.
The comparison uses Tuesday’s official-market figure rather than a confirmed closing rate for Wednesday’s trading session.
The Central Bank of Nigeria (CBN) publishes official exchange rate data used by banks, businesses and investors to monitor currency market developments.
Factors Influencing Dollar to Naira Exchange Rate
Several economic developments continue to shape the direction of Nigeria’s foreign exchange market.
Foreign Exchange Liquidity: The availability of dollars through banks and authorised dealers influences exchange rate movements. Improved supply can ease pressure on the naira when demand remains moderate.
Crude Oil Export Earnings: Nigeria’s crude oil production, international oil prices and export receipts affect foreign currency inflows and the country’s external revenue position.
Import Demand: Manufacturers and importers require dollars to purchase machinery, raw materials and finished products, making international trade an important source of foreign exchange demand.
Foreign Investment: Portfolio investment and foreign direct investment contribute to dollar availability, while the repatriation of investment proceeds can increase demand for foreign currency.
Diaspora Remittances: Transfers from Nigerians living abroad provide additional foreign exchange inflows and support currency market liquidity.
Monetary Policy: Interest rate decisions, liquidity management and foreign exchange regulations implemented by the CBN influence investor expectations and financial market conditions.
Dollar to Naira Outlook
The naira’s performance in the coming trading sessions will depend largely on whether dollar supply is sufficient to meet demand from businesses and individuals.
Improved foreign exchange inflows, stronger export earnings and sustained investor confidence could provide additional support for the Nigerian currency.
However, increased demand from importers, manufacturers and individuals making overseas payments could put renewed pressure on the parallel market.
Market participants will continue monitoring official exchange rate movements, Nigeria’s external reserves, crude oil prices and monetary policy developments for indications of the currency’s near-term direction.
For daily Dollar to Naira exchange rate updates, Nigerian business news, financial market developments and economic analysis, visit Naijaonpoint.