Market News
Deutsche Bank Adopts a Constructive Outlook on the Naira - PROSHARE
The dollar traded at about N1,332 in the official foreign exchange market on Tuesday, October 20, 2026, while the parallel market recorded higher rates.
Available foreign exchange data showed that the official Nigerian Foreign Exchange Market (NFEM) rate stood at approximately N1,332 per dollar.
In the parallel market, Bureau De Change (BDC) operators quoted different rates depending on their locations and the amount of dollars being exchanged.N
The indicative exchange rates on Tuesday were:
Official market rate: N1,332 per dollar.
Parallel market buying rate: N1,365 per dollar.
Parallel market selling rate: N1,380 per dollar.
The parallel market rates may vary from one dealer to another.
How much is $100 in naira today?
At the stated rates, $100 is worth approximately N133,200 in the official market and N138,000 in the parallel market.
The difference between the two rates means that people buying dollars through the parallel market may pay more than those accessing foreign exchange through official channels.
The exchange rate affects importers, international travellers, students paying school fees abroad and businesses that need dollars to meet their financial obligations.
Nigerians planning to buy or sell dollars are advised to confirm the current rates with their banks or licensed Bureau De Change operators, as exchange rates may change throughout the day.
