Naira Stays Steady as Dollar Hits ₦1,390 on Black Market
Hi Dear, thanks for visiting! Like our FB Page or Follow Us Twitter for Regular News Updates!
The naira has maintained a fairly steady position against the dollar, but Nigerians are still paying more to buy dollars on the black market.
Everyone in Nigeria, from big business owners to everyday citizens, is keeping a close eye on the value of the naira, especially if they need to buy things from abroad.
This is what it cost on Wednesday, November 4, 2026.
The naira trades at two different prices.
The official market, known as the Nigerian Foreign Exchange Market, NFEM, and the parallel market, also called the black market, do not give the same rate.
On the official side, the latest published rate is about N1,346.43 to the dollar, based on the November 3 market report.
The parallel market was quoted at about N1,380 to buy a dollar and N1,390 to sell one on Wednesday morning.
The rate you get in the parallel market depends on the bureau de change, the location, how many dollars are available and how big the deal is.
So the figures are only a guide and can change during the day.
If you exchange 100 dollars at the bank using the government's official exchange rate, you will get about N134,643.
The same amount would cost about N139,000 at the parallel market selling price.
The gap between the two selling rates is about N43.57 per dollar.
The official rate is affected by how much dollar supply there is, how much importers need and how much cash is flowing through the market.
If you want to buy foreign cash, always check the current exchange rate with your bank or an official exchange office right before you trade.
SHARE THIS NEWS
Post a Comment
Let know your opinion on this story