Current Black Market Dollar to Naira Exchange Rate — Thursday, October 29, 2026

The Dollar to Naira exchange rate in Nigeria’s black market stood at approximately N1,375 for buying and N1,390 for selling on Thursday, October 29, 2026, as the naira maintained its recent trading range against the United States dollar.

The latest parallel-market quotations indicate that the American currency continues to trade above the official Nigerian Foreign Exchange Market (NFEM) rate, despite the naira’s recent appreciation in the official market.

At the prevailing rates, Bureau De Change (BDC) operators buying dollars from Nigerians are offering approximately N1,375 per dollar, while individuals purchasing the American currency are paying around N1,390.

However, quotations vary among currency dealers and trading locations, with some market trackers reporting slightly lower rates.

The indicative parallel-market exchange rates for Thursday, October 29, 2026, are:

Based on these quotations, the following conversions apply:

The difference between the buying and selling rates stands at N15 per dollar. Actual transaction prices may differ depending on the dealer, location and amount exchanged.

The naira maintained its recent trading range in the parallel market on Thursday, with the indicative buying and selling rates unchanged from those reported in Wednesday’s Investors King update.

However, the official foreign exchange market recorded another improvement.

The naira closed at N1,349 per dollar on Wednesday, October 28, compared with N1,357 in the preceding session, representing an appreciation of N8 or approximately 0.59%.

The development marked a second consecutive session of gains in the official market, following the currency’s recovery from N1,365 on Monday.

Over the two trading sessions, the naira strengthened by N16 against the dollar, equivalent to approximately 1.17%.

The improvement in the official market contrasts with the relatively stable parallel-market quotations, suggesting that recent currency gains have not been fully reflected in informal-market pricing.

For importers and manufacturers, a stronger official exchange rate could reduce the naira cost of foreign purchases, particularly where businesses obtain dollars through authorised banking channels.

At the official Nigerian Foreign Exchange Market, the naira closed at approximately N1,349 per US dollar on Wednesday, October 28, 2026, according to exchange rate data attributed to the Central Bank of Nigeria.

The closing rate represents an N8 appreciation compared with Tuesday’s N1,357 per dollar.

Using Wednesday’s official closing rate and Thursday’s indicative parallel-market selling rate of N1,390, the difference between the two markets stands at N41 per dollar, equivalent to approximately 3.04% of the official closing rate.

The comparison uses Wednesday’s official closing rate because Thursday’s final trading-session figure was not yet available at the time of reporting.

Separately, the CBN’s published currency quotation for October 28 placed the dollar’s central rate at approximately N1,347.03, which differs from the NFEM closing rate.

The Central Bank of Nigeria (CBN) oversees Nigeria’s official foreign exchange framework and publishes currency information used by financial institutions, businesses and investors.

Several developments continue to shape Nigeria’s foreign exchange market.

Foreign Exchange Liquidity: The availability of dollars through banks and authorised dealers remains important to exchange rate stability. Improved supply can reduce pressure on the naira when demand remains moderate.

Crude Oil Export Earnings: Nigeria’s crude oil production, international oil prices and export receipts influence foreign currency inflows and the country’s external revenue position.

Import Demand: Manufacturers and importers require dollars to purchase machinery, raw materials and finished goods, 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.

The naira’s performance in the coming trading sessions will depend largely on whether the recent appreciation in the official market can be sustained.

Improved foreign exchange liquidity, stronger capital inflows and increased export earnings could provide additional support for the Nigerian currency.

However, sustained demand from importers, manufacturers and individuals making overseas payments could maintain pressure on the parallel market if dollar supply fails to keep pace.

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 Investors King.