Dollar to Naira Rate Today: Naira Holds Near ₦1,331 Ahead of New Week

The latest official dollar to naira rate is ₦1,331.19 per US dollar, the Central Bank of Nigeria's NFEM rate for Friday, 9 October 2026, with a closing rate of ₦1,332.49. Forex markets are shut at the weekend, so this is the rate that applies until trading resumes on Monday. Street (parallel market) rates were higher, reported between about ₦1,357 and ₦1,385 across 6 to 9 October depending on the source.

Official naira rate this week (CBN NFEM data)

The naira has been remarkably steady. Here is how the official Nigerian Foreign Exchange Market (NFEM) rate moved through the week, according to the CBN's published data:

Across the whole week, the daily official rate stayed within roughly ₦1.25 of itself. The NFEM rate is a volume-weighted average and is the CBN's official exchange rate for each day.

What about the black market rate?

The parallel market remained weaker than the official window. Reported rates ranged from about ₦1,357 on 6 October to around ₦1,385 on 9 October, depending on who was quoting. That leaves a gap of roughly ₦25 to ₦55 between the official and street rates, far narrower than the gaps Nigerians lived with before the FX market was unified.

Why the naira is stable right now

Reserves at an 18-year high

The CBN says Nigeria's gross external reserves rose above $55 billion as of 18 September 2026, the highest level in 18 years. Larger reserves give the central bank more room to calm the market when demand for dollars spikes.

A unified FX market

The CBN credits the unification of the foreign exchange market with reducing distortions and building investor confidence. When most trades pass through one transparent window, there is less room for wild swings between rates.

Interest rates still well above inflation

Even after the Monetary Policy Committee cut the policy rate from 26.5% to 23% at its 22 September meeting, rates remain above headline inflation of 15.39% (August). Positive real returns help keep foreign portfolio investors interested in naira assets, which supports dollar supply.

What could move the naira next

• September inflation data. The NBS is expected to release it in mid-October. A further slowdown could support the case for more rate cuts.
• Oil output and prices. Crude remains Nigeria's largest source of dollars, and output is still below the 2026 budget assumption.
• Dangote Refinery IPO flows. The offer closes on 13 October, and big naira movements around large deals can briefly affect liquidity.
• Treasury bill yields. The one-year bill fell to 15.85% at the 7 October auction. Lower yields can make naira assets less attractive to foreign investors over time.

What this means for investors

A stable naira makes planning easier for importers, students paying school fees abroad and companies with dollar costs. For NGX investors, it reduces one big source of uncertainty for companies that import raw materials. But stability is not a guarantee. Keep an eye on the official-to-street gap: if it widens quickly, that is often the first sign of pressure. Holding some savings in a mix of assets, rather than reacting to every daily move, is generally a calmer approach.

This is for information only and is not investment advice.

FAQ

What is the dollar to naira rate today?

The latest official CBN NFEM rate is ₦1,331.19 per dollar for Friday, 9 October 2026, with a closing rate of ₦1,332.49. Markets reopen on Monday.

What is the black market dollar rate in Lagos?

Parallel market rates were reported between about ₦1,357 and ₦1,385 per dollar from 6 to 9 October 2026, depending on the source and location.

How much are Nigeria's foreign reserves?

The CBN says gross external reserves rose above $55 billion as of 18 September 2026, the highest in 18 years.

Sources

• Central Bank of Nigeria, Exchange Rates (NFEM data): https://www.cbn.gov.ng/rates/exchratebycurrency.html
• ThePointNG, "Rate cut targets production, investment as inflation battle continues — CBN" (7 Oct 2026): https://www.thepointng.com/rate-cut-targets-production-investment-as-inflation-battle-continues-cbn/
• Fellow Press, "Nigeria Economy Today, 11 October" (parallel market range): https://www.fellowpress.com/nigeria-economy-today-11-october-2026/
• National Bureau of Statistics: https://www.nigerianstat.gov.ng/
• Nairametrics, T-bill auction (7 Oct 2026): https://nairametrics.com/2026/10/07/dmo-raises-n968-47-billion-as-364-day-stop-rate-falls-to-15-85-despite-strong-demand/