DOLLAR TO NAIRA EXCHANGE RATE TODAY, OCTOBER 23, 2026

Nigeria’s foreign exchange market remains an important focus for businesses, importers, investors and individuals who rely on the US dollar for international transactions. The dollar-to-naira exchange rate influences the cost of imported goods, overseas payments, travel expenses and other dollar-denominated transactions.

For Nigerians, daily movements in the exchange rate can affect purchasing power and business operating costs. Importers may face changes in the cost of bringing goods into the country, while businesses that depend on imported raw materials and equipment may need to adjust their budgets as exchange rates fluctuate.

As of Friday, October 23, 2026, the official dollar rate is reported at around ₦1,344 per dollar, while parallel-market rates are approximately ₦1,375 to ₦1,390, depending on the dealer and location. Actual rates may vary across banks, bureaux de change and other authorised providers.

The naira’s performance depends on several factors, including the supply of foreign exchange, demand from importers and individuals, investor activity and developments in the wider economy. Changes in these factors can influence how much Nigerians pay when purchasing dollars or how much they receive when selling them.

A weaker naira can increase the cost of imported goods, machinery, fuel-related products and some essential commodities. Businesses may pass part of these additional costs on to consumers, contributing to higher prices. However, a stronger naira can help reduce import costs and ease some pressure on businesses and households.

For individuals sending or receiving money internationally, the exchange rate also determines the naira value of dollar-denominated transfers. Comparing rates before completing a transaction can therefore make a difference to the amount received or paid.

As the foreign exchange market continues to fluctuate, Nigerians are advised to check current rates with their banks or authorised foreign exchange dealers before making transactions. The quoted figures are indicative and may change throughout the day.