Naira slips to N1,334.72 per dollar at official window as black market rate climbs to N1,375
By Aboki Forex —
The naira depreciated against the United States dollar on Wednesday, October 21st, 2026, trading at N1,334.7233 at the Central Bank of Nigeria official foreign exchange window. The currency closed at N1,337.0000 per dollar at the Nigerian Foreign Exchange Market (NFEM).
The CBN platform data put the previous day's NFEM rate at N1,333.6467 on October 20th, 2026, meaning the naira lost at least N1.08 after Wednesday's trading activities.
Official window
The NFEM rate of N1,334.7233 per dollar reflects the weighted average of trades on the official market. The closing rate of N1,337.0000 per dollar was slightly weaker than the average for the session.
The movement extends the currency's recent run of small daily adjustments on the official window, where quotes are published by the central bank.
Black market
At the parallel market, the naira traded at N1,367 and N1,375 per dollar for buying and selling rates respectively on Wednesday, October 21st, 2026, according to AbokiFX.
Both the buying and selling rates rose by N3 when compared with the previous trading rate on Tuesday, October 20th, 2026. That leaves the gap between the official NFEM rate and the parallel market selling rate at about N40 per dollar.
The black market quote of N1,375 per dollar is what individuals and small businesses pay when they source foreign exchange outside the banking system.
What it means for businesses
Importers buying dollars at the parallel market will pay more for the same goods this week, as the selling rate moved up by N3 in a single session. The persistent spread between the official and parallel rates also keeps the incentive for round-tripping alive, a gap the central bank has been trying to narrow with its FX reforms.
For consumers, the parallel market rate is the reference point for fares, school fees and travel allowances sourced outside formal channels, so any further movement in that quote will feed quickly into household costs.
You can earn money on Naija Life Game and use it to advertise your business and services. Showcase what you offer and connect with potential customers.
Earn money Advertise your business Promote your services Connect with customers
Earn money. Get noticed. Grow your business with Naija Life Game.
Visit Naija Life Game