Deutsche Bank Constructive on Naira as Official Rate Holds Near N1,332/$

Deutsche Bank has adopted a constructive outlook on the naira, with the dollar trading at about N1,332 in the official foreign exchange market on Tuesday, October 20, 2026. Parallel market rates were higher, with Bureau De Change operators quoting different levels depending on location and transaction size.

Data from the Nigerian Foreign Exchange Market (NFEM) put the official rate at approximately N1,332 per dollar. In the parallel market, BDC operators quoted a buying rate of N1,365 per dollar and a selling rate of N1,380 per dollar. The parallel market rates may vary from one dealer to another.

What $100 Costs

At the stated rates, $100 is worth about N133,200 in the official market and N138,000 in the parallel market. The gap means buyers using the parallel market may pay more than those accessing foreign exchange through official channels.

Who Feels the Rate

The exchange rate affects importers, international travellers, students paying school fees abroad and businesses that need dollars to meet financial obligations. A dollar buyer or seller should confirm the current rate with their bank or a licensed Bureau De Change operator, as rates can change during the day.

What It Means for the Naira

The spread between the official and parallel markets remains a cost for Nigerians and businesses that cannot access official foreign exchange. It also shapes pricing decisions for importers and anyone planning dollar payments.