Dollar Sells for ₦1,400 on Black Market as Naira Trades at ₦1,348.74 Officially

The naira traded at approximately ₦1,348.74 to the US dollar on Nigeria’s official foreign exchange market, while the dollar was quoted at about ₦1,400 on the parallel market on Friday, November 6, 2026.

Figures from the Central Bank of Nigeria (CBN) showed that the official Nigerian Foreign Exchange Market (NFEM) rate settled at ₦1,348.74 per dollar on Thursday, November 5, indicating a marginal decline in the value of the local currency compared with the previous trading session.

The NFEM exchange rate is derived from the volume-weighted average of transactions conducted in the market and remains the benchmark for Nigeria’s official currency exchange activities.

Meanwhile, the parallel market, popularly called the black market, recorded a dollar quotation of approximately ₦1,400 on Friday.

Despite these quoted rates, customers may encounter different buying and selling prices depending on their location, the dealer involved and the availability of foreign currency.

The difference between the official and unofficial exchange rates underscores persistent demand for foreign currencies through channels outside the formal banking system.

The development remains important to importers, business operators, Nigerians studying overseas and individuals who require foreign exchange for international transactions.

Market participants are expected to continue tracking movements in both segments, as exchange rates can change during the day in response to trading activities and shifts in foreign currency demand.

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