The US dollar traded at approximately ₦1,400 on the parallel market on Friday, November 6, 2026, as the official exchange rate closed the previous trading session at ₦1,348.74 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the naira exchanged at ₦1,348.74 per dollar on Thursday, November 5, representing a slight depreciation from the previous session.
The Nigerian Foreign Exchange Market (NFEM) rate, calculated using the volume-weighted average of transactions, serves as the country’s official exchange rate benchmark.
Meanwhile, the dollar was quoted at around ₦1,400 in the parallel market, popularly known as the black market, on Friday.
However, actual buying and selling rates may vary depending on location, foreign exchange dealers and the availability of dollars.
The difference between the official and parallel market rates reflects continued demand for foreign currency outside the formal banking system.
Importers, businesses, students studying abroad and individuals making international payments are among those closely monitoring movements in both markets as exchange rate fluctuations affect the cost of transactions.
The exchange rates may change throughout the day in response to trading activities and shifts in foreign exchange demand and supply.
