📈 Dollar to naira today: the official (NFEM) rate is ₦1,334.20 per dollar and Lagos street dealers quote ₦1,375 – ₦1,390 (buy – sell). These rates are updated every morning from the NaijaSabi Price Index, each with its date and source.
Naira Exchange Rates Today
These prices were last checked on 16 October 2026 and may have changed since. Confirm before you buy.
| Rate | Naira | Change | Trend |
|---|---|---|---|
| Dollar, official (NFEM)per $1 | ₦1,334.20No changesince 15 Oct | No changesince 15 Oct | |
| Dollar, street rateper $1 | ₦1,375 – ₦1,390checked 15 OctUp 0.5%since 12 Oct | Up 0.5%since 12 Oct | |
| Pound, officialper £1 | ₦1,764.45No changesince 11 Oct | No changesince 11 Oct | |
| Pound, street rateper £1 | ₦1,798 – ₦1,845Down 3.1%since 11 Oct | Down 3.1%since 11 Oct | |
| Euro, officialper €1 | ₦1,490.64No changesince 11 Oct | No changesince 11 Oct | |
| Euro, street rateper €1 | ₦1,519 – ₦1,560Down 3.2%since 11 Oct | Down 3.2%since 11 Oct |
The official rate is the Central Bank of Nigeria’s closing rate in the Nigerian Foreign Exchange Market (NFEM) for the last completed trading day, so on Monday morning it shows Friday’s close. The street rate is what Bureau de Change operators and street dealers in Lagos quote for cash; it varies by city and dealer and moves during the day. Your bank, card or remittance app will apply its own rate, usually close to the official one plus a margin.
Why Nigeria Has Two Dollar Rates
The official rate is set by trading between banks and authorised dealers in the NFEM. Most people cannot buy dollars at that rate for personal use, because banks ration cash dollars and ask for documents. Anyone who needs cash dollars quickly, or more than their bank will sell, goes to a Bureau de Change or street dealer, and that extra demand pushes the street rate above the official rate. The gap narrows when the CBN and banks supply more dollars and widens when supply is tight. Since the 2023 reforms the gap has usually been a few per cent, far smaller than the 50 per cent or more seen before.
Where to Check the Rate Yourself
| Source | What it shows |
| Central Bank of Nigeria (cbn.gov.ng) | The official NFEM closing rate for each trading day |
| Your bank’s app | The rate your bank will actually charge you |
| Licensed Bureau de Change operators | Cash rates; ask two or three before you change money |
| Remittance apps (Lemfi, Grey, Wise, Sendwave and others) | The naira amount you will receive after fees |
| Google and currency converters | Usually close to the official rate, not the street rate |
How to Get the Best Rate
- Use a licensed Bureau de Change, not a street dealer. You are protected from fake notes and short counts, and the CBN publishes the list of licensed operators.
- Compare three quotes for large amounts. A 1–2 per cent difference adds up quickly above $500.
- For money from abroad, compare what lands in naira. Look at the amount received after all fees, not the advertised rate.
- For online payments, compare your bank card with a fintech dollar card. The effective rates often differ by several per cent.
- Change money in the morning. Dealers who have just restocked usually quote better rates than at the end of the day.
Sending Money to Nigeria from Abroad
For diaspora Nigerians the number that matters is how many naira arrive, after the exchange rate and every fee. Apps such as Lemfi, Grey, Sendwave, Wise and WorldRemit often beat bank transfers, but the best one changes with the amount and the country you send from. Check two or three for the exact amount before each transfer, and make sure the receiving bank account name matches exactly to avoid delays.
How the Naira Got Here
For decades Nigeria managed its exchange rate, with long periods at fixed official rates (around ₦197 to the dollar until 2016 and ₦305–₦360 for much of 2016–2020) and a large black-market premium. In June 2023 the government unified the exchange rates and let the naira float. It fell from about ₦460 to over ₦1,400 to the dollar within months and weakened further into 2024. Since then the CBN has cleared a backlog of unpaid foreign-exchange demand, rebuilt reserves and tightened monetary policy, and the naira has been far steadier, with the official and street rates now close together. The full record of the rates we have tracked is on the exchange rates page of the NaijaSabi Price Index.
Frequently Asked Questions
What is the dollar to naira rate today?
The table at the top of this page shows the latest official and street rates, updated every morning. On 12 October 2026 the official (NFEM) rate was about ₦1,332 per dollar (Friday 9 October close) and Lagos street dealers quoted about ₦1,370 to buy and ₦1,380 to sell.
What is the black market dollar rate today?
On 12 October 2026 street dealers in Lagos quoted about ₦1,370 to buy and ₦1,380 to sell a dollar. See the table at the top for today’s figure.
Why is the black market rate higher than the official rate?
Because banks ration cash dollars, people who need them quickly or in larger amounts buy from Bureau de Change operators and street dealers, and that demand pushes the street rate above the official rate.
What is the pound to naira rate today?
The table at the top of this page includes the pound and euro. On 11 October 2026 the official pound rate was about ₦1,759 and the street selling rate about ₦1,880. See also our pound to naira guide.
What is the best way to send money to Nigeria?
Compare the naira amount received after fees on two or three apps (for example Lemfi, Grey, Sendwave or Wise) for the exact amount you are sending. The cheapest option changes with the amount and the sending country.
Sources
- Central Bank of Nigeria: NFEM closing rate, 9 October 2026, as reported by Investors King.
- Lagos parallel-market quotes, 12 October 2026 (Investors King), and CBN and open-market pound and euro rates, 11 October 2026, as reported by WithinNigeria.
Last updated: 12 October 2026 · NaijaSabi Finance Desk. The rates table is updated every morning from the NaijaSabi Price Index. Rates move during the day; confirm with your bank or dealer before you change money. This is information, not financial advice.
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