The Dollar to Naira exchange rate in Nigeria’s black market stood at approximately N1,375 for buying and N1,390 for selling on Monday, November 2, 2026, as the naira opened the new month amid renewed demand for foreign exchange.
The latest quotations indicate that the United States dollar continues to trade above the official Nigerian Foreign Exchange Market (NFEM) rate, with the difference between the two markets remaining an important consideration for businesses and individuals.
According to parallel-market exchange rate trackers, Bureau De Change (BDC) operators are buying dollars at approximately N1,375, while customers purchasing the American currency are paying around N1,390.
However, some market trackers reported higher quotations during Monday’s morning trading, indicating differences in pricing across dealers and locations.
How Much Is Dollar to Naira Today in the Black Market?
The indicative black market exchange rates for Monday, November 2, 2026, are:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | N1,375 | N1,390 |
Based on these quotations, the following conversions apply:
- $100: N137,500 when selling and N139,000 when buying.
- $200: N275,000 when selling and N278,000 when buying.
- $500: N687,500 when selling and N695,000 when buying.
- $1,000: N1,375,000 when selling and N1,390,000 when buying.
The difference between the buying and selling rates stands at N15 per dollar. Actual transaction prices may vary depending on the dealer, location and amount exchanged.
Naira Opens November Amid Renewed Dollar Demand
The naira began the first trading session of November within the range observed towards the end of October, although some parallel-market quotations indicate additional pressure on the local currency.
One market tracker reported a buying rate above N1,385 during Monday’s morning trading, compared with the N1,375 quoted by another source.
The variation highlights the fragmented nature of the parallel market, where transaction prices can differ according to available liquidity and individual dealer requirements.
The opening of a new month can also coincide with foreign currency payment obligations for businesses importing goods, purchasing raw materials and settling international invoices.
For manufacturers and import-dependent companies, higher dollar prices increase the naira cost of imported inputs and can reduce profit margins if additional expenses cannot be passed on to customers.
Individuals paying overseas tuition fees, medical bills and travel expenses are similarly exposed to changes in the dollar’s selling rate.
Official Dollar to Naira Exchange Rate
At the official Nigerian Foreign Exchange Market, the naira recorded a volume-weighted average exchange rate of N1,346.26 per US dollar on Friday, October 30, 2026, according to data published by the Central Bank of Nigeria.
The currency closed the session at N1,346 per dollar, unchanged from Thursday’s closing rate.
However, the official weighted average improved slightly from N1,346.91 recorded on October 29, indicating a modest appreciation of approximately N0.65.
Using Friday’s official closing rate of N1,346 and Monday’s indicative parallel-market selling rate of N1,390, the difference between the two markets stands at N44 per dollar, equivalent to approximately 3.27% of the official closing rate.
The comparison uses Friday’s official closing figure because Monday’s final trading-session rate was not available at the time of reporting.
The Central Bank of Nigeria (CBN) publishes official foreign exchange market data used by banks, businesses and investors.
Factors Influencing Dollar to Naira Exchange Rate
Several economic developments continue to influence the direction of Nigeria’s currency market.
Foreign Exchange Liquidity: The availability of dollars through authorised dealers and banks remains important to exchange rate stability. Increased 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 products, making international trade an important source of foreign exchange demand.
Foreign Investment: Portfolio investment and foreign direct investment contribute to foreign exchange availability, while the repatriation of investment proceeds can increase demand for dollars.
Diaspora Remittances: Transfers from Nigerians living abroad provide additional foreign currency inflows and support exchange rate liquidity.
Monetary Policy: Interest rate decisions, liquidity management and foreign exchange regulations implemented by the CBN influence investor expectations and financial market conditions.
Dollar to Naira Outlook
The naira’s performance during the first trading week of November will depend largely on whether dollar availability is sufficient to meet demand from businesses and individuals.
Improved foreign exchange inflows, stronger export earnings and sustained investor confidence could provide support for the Nigerian currency.
However, increased import payments and other international financial obligations could place additional pressure on the parallel market if demand rises faster than available dollar supply.
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.
