The Dollar to Naira exchange rate in Nigeria’s black market, also known as the parallel market, remained stable on Tuesday, October 6, 2026, with the US dollar trading at N1,375 for buying and N1,390 for selling across major Bureau De Change (BDC) markets.
Market participants said the naira continued to trade within a narrow range as demand for foreign exchange remained broadly balanced.
According to Bureau De Change operators, the N1,375 buying rate represents the amount dealers pay Nigerians selling US dollars, while the N1,390 selling rate is the amount customers pay to purchase one US dollar. Rates may vary slightly depending on location, transaction size and individual dealers.
The parallel market remains an important source of foreign exchange for importers, manufacturers, international travellers, students paying tuition abroad, businesses settling overseas obligations and individuals requiring immediate access to foreign currency.
How Much Is Dollar to Naira Today in the Black Market?
The prevailing black market exchange rate as of Tuesday, October 6, 2026, is:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,390 |
At the prevailing rates:
- Selling $100 would fetch approximately N137,500.
- Buying $100 would cost approximately N139,000.
- Selling $1,000 would yield about N1.375 million.
- Purchasing $1,000 would cost approximately N1.39 million.
Naira Holds Steady as FX Demand Persists
The naira remained broadly stable in the parallel market despite continued demand for US dollars from importers, manufacturers, international travellers and businesses with foreign payment obligations. Dealers said improved liquidity and tighter regulatory oversight have helped keep exchange-rate movements relatively contained in recent months.
Key Factors Influencing 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.
- 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 is regulated by the Central Bank of Nigeria (CBN). The official Nigerian Foreign Exchange Market (NFEM) continues to trade below the parallel market rate due to differences in pricing mechanisms, liquidity conditions and market access. The CBN’s ongoing measures to improve liquidity, including dollar sales to licensed Bureau De Change operators, are aimed at narrowing volatility in the foreign exchange market.
Outlook
Analysts expect the Dollar to Naira exchange rate to remain influenced by foreign exchange liquidity, oil export earnings, external reserves, investor confidence and monetary policy. Continued improvements in official dollar supply could provide additional support for the naira, while sustained demand for foreign currency is expected to keep the parallel market active.
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