Abuja, Nigeria – The Nigerian foreign exchange market opened on Wednesday, March 11, 2026, with the Naira trading within a relatively narrow range across both official and parallel markets. Market analysts indicate that the gap between the official window and the parallel market remains small, though exchange rates continue to fluctuate based on demand, supply, and liquidity in the forex market.
The exchange rates for major currencies against the Naira are as follows:
- US Dollar (USD): Official Market Rate: ₦1,390 – ₦1,405; Parallel / Black Market Rate: ₦1,405 – ₦1,415; Mid-Market / Indicative Rate: ₦1,400.
- Euro (EUR): Official Market Rate: ₦1,520 – ₦1,540; Parallel / Black Market Rate: ₦1,630 – ₦1,660; Mid-Market / Indicative Rate: ₦1,640.
- British Pound (GBP): Official Market Rate: ₦1,800 – ₦1,830; Parallel / Black Market Rate: ₦1,920 – ₦1,950; Mid-Market / Indicative Rate: ₦1,935.
- Chinese Yuan (CNY): Official Market Rate: ₦190 – ₦195; Parallel / Black Market Rate: ₦200 – ₦205; Mid-Market / Indicative Rate: ₦202.
- Japanese Yen (JPY): Official Market Rate: ₦9.5 – ₦9.9; Parallel / Black Market Rate: ₦10.2 – ₦10.6; Mid-Market / Indicative Rate: ₦10.4.
- Canadian Dollar (CAD): Official Market Rate: ₦1,010 – ₦1,040; Parallel / Black Market Rate: ₦1,090 – ₦1,120; Mid-Market / Indicative Rate: ₦1,105.
- Swiss Franc (CHF): Official Market Rate: ₦1,560 – ₦1,590; Parallel / Black Market Rate: ₦1,650 – ₦1,680; Mid-Market / Indicative Rate: ₦1,670.
- Saudi Riyal (SAR): Official Market Rate: ₦370 – ₦375; Parallel / Black Market Rate: ₦385 – ₦395; Mid-Market / Indicative Rate: ₦390.
- UAE Dirham (AED): Official Market Rate: ₦375 – ₦380; Parallel / Black Market Rate: ₦390 – ₦400; Mid-Market / Indicative Rate: ₦395.
The official rate reflects transactions within the Nigerian Foreign Exchange Market (NFEM), which is regulated by the Central Bank of Nigeria. Conversely, the parallel market rate represents prices quoted by Bureau de Change operators across major cities such as Lagos, Abuja, and Kano. The mid-market rate is the global benchmark, used by international currency platforms, and does not account for transaction charges or local dealer margins.
Given that exchange rates can change multiple times throughout the day, traders and travelers are advised to always confirm the current rates before conducting any foreign exchange transactions.
