The Nigerian naira is trading at ₦1,370 to the US dollar on the parallel market on Thursday, October 8, 2026.
The dollar is being bought at about ₦1,370 and sold at ₦1,375 on the parallel market, as of 6:07 a.m. WAT on Thursday.
On the official market, the dollar is quoted at ₦1,331.77.
The difference between the parallel-market buying rate and the official rate stands at about ₦38.23 per dollar.
This means Nigerians looking to buy $100 on the parallel market would need approximately ₦137,500 at the current selling rate.
Meanwhile, $100 at the official rate of ₦1,331.77 would be equivalent to approximately ₦133,177.
At the current parallel-market selling rate of ₦1,375/$, $100 is worth approximately ₦137,500.
At the official rate of ₦1,331.77/$, $100 is worth approximately ₦133,177.
The parallel market operates outside Nigeria’s regulated banking system, with exchange rates largely influenced by the supply and demand for foreign currency.
Factors such as dollar availability, economic developments and movements in the value of the US dollar can influence the exchange rate in the parallel market.
The difference between the official and parallel-market rates means Nigerians accessing foreign currency through different channels may pay different naira amounts for the same dollar value.
