By Tunji Faleye
Anyone who sources dollars in Nigeria through street dealers rather than the official market will be paying a noticeable premium as the new trading week begins, even though the naira itself has barely moved.
On Monday, October 19, 2026, the naira opened at about ₦1,333.54 to the dollar on the Nigerian Foreign Exchange Market (NFEM), according to official rate. That is only ₦1.28 weaker than Friday’s close of roughly ₦1,332.26, a shift of about 0.1 percent.
In the parallel market, however, Bureau De Change operators were buying dollars at around ₦1,375 and selling at ₦1,390. The selling price is ₦56.46, or roughly 4 percent, above the official rate.
What the gap means in practice
For anyone who needs dollars, the channel matters as much as the headline rate. At Monday’s quotes, a traveller buying $1,000 on the parallel market would pay about ₦56,460 more than the official rate implies. A parent paying $5,000 in tuition abroad would face an extra ₦282,300. Importers and manufacturers buying larger volumes could see the difference add up quickly in their costs.
The spread between the BDC buying and selling rates, ₦15, is a separate cost: it is the margin dealers keep on each round trip.
A caution on the numbers
Parallel-market rates are not uniform. They vary by dealer, city and transaction size, so the figures above are indicative only. Rates can also shift during the trading day. Businesses and individuals should confirm current prices with their banks or licensed foreign exchange dealers before transacting.
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