The Nigerian naira is currently trading at ₦1,331.77 per US dollar according to the latest figures from the Nigerian Foreign Exchange Market (NFEM). This rate reflects the most recent completed trading session, while the parallel market is showing higher rates for the dollar, with buying prices at ₦1,370 and selling prices at ₦1,375 as of October 8, 2026.

Data from the Central Bank of Nigeria (CBN) indicates that the NFEM rate was recorded at ₦1,331.7679 per dollar on October 7, 2026. This figure is derived from the volume-weighted average of transactions and is considered the official exchange rate for the day. The naira's closing rate on October 7 was ₦1,332.75 per dollar, a slight increase from the previous close of ₦1,331.50.

It is important to note that the ₦1,331.77 figure is the latest reference rate and not a closing rate for October 8, as trading is still ongoing. The parallel market, however, is showing more variability, with different rates reported by various market trackers. For instance, Aboki Forex lists the buying rate at ₦1,370 and the selling rate at ₦1,375. In contrast, another tracker, NairaFX, reports higher rates of ₦1,376 for buying and ₦1,382 for selling.

The disparity between the official NFEM rate and the parallel market rates is notable, with a difference of approximately ₦43.23 per dollar. For those looking to exchange larger amounts, this gap translates to about ₦43,232 for a $1,000 transaction. As the day progresses, these figures are subject to change due to ongoing trading activities in both markets.

For reference, using the official NFEM rate, the conversion for common amounts is as follows:
- $100 equals ₦133,176.79
- $500 equals ₦665,883.95
- $1,000 equals ₦1,331,767.90

Conversely, utilizing the parallel market selling rate of ₦1,375, the conversions are:
- $100 equals ₦137,500
- $500 equals ₦687,500
- $1,000 equals ₦1,375,000

As the naira continues to navigate its exchange rate challenges, the gap between the official and parallel market rates remains a point of concern for both consumers and businesses in Nigeria.