On Wednesday 11 November 2026, the US dollar was trading at roughly ₦1,350 in Nigeria’s official foreign‑exchange market, while the parallel market – often referred to as the black market – quoted rates between ₦1,411 and ₦1,419 per dollar.
Official market figures from the Nigerian Foreign Exchange Market (NFEM) showed a rate of ₦1,350.36 per dollar on Tuesday 10 November, a benchmark that remains the reference point for most foreign‑exchange transactions in the country.
Parallel‑market dealers, however, offered a buying rate of about ₦1,411 and a selling rate of approximately ₦1,419 per dollar. The variation in these rates depends on the location and the individual Bureau De Change (BDC) operator.
The spread between the official rate of ₦1,350.36 and the parallel‑market selling rate of ₦1,419 amounts to roughly ₦68.64 per dollar, highlighting the premium that exists outside the regulated market.
Exchange rates are subject to change throughout the day as dollar supply, demand and trading activity fluctuate. Nigerians are advised to check prevailing rates with their banks and licensed currency dealers before completing any foreign‑exchange transaction.
<small>Source: Vanguard News — read the original story there.</small>
