What is the dollar to naira rate today?
The official dollar to naira rate is set in the Nigerian Foreign Exchange Market (NFEM), and the Central Bank of Nigeria publishes the NFEM rate each business day as the official exchange rate. In the week to 9 October 2026 it held close to ₦1,330 per dollar, so $10,000 converted to about ₦13.3 million. For a live mid-market figure, use our currency converter.
On 9 October the parallel (street) market rate was about ₦1,363 per dollar, against an official indicative rate of ₦1,332.49, according to Vanguard. That is a premium of about 2.3%, far narrower than before Nigeria unified its exchange rates in 2023.
What was the USD to NGN exchange rate in September 2026?
The naira traded in a narrow band through September. Official NFEM closing rates reported by Nairametrics show the dollar at ₦1,329 on 1 September and ₦1,329.50 on 30 September, almost unchanged over the month. Within the month it dipped to ₦1,320 on 7 September, its strongest naira close of the period.
| Date (2026) | NFEM closing rate (₦ per $) | Context |
|---|---|---|
| 22 April | 1,348.10 | Level the naira returned to in mid-August |
| 21 July | 1,374.50 | July reference level |
| 17 August | 1,350.00 | First close this strong since 22 April |
| 19 August | 1,351.50 | Appreciation continues |
| 1 September | 1,329.00 | Start of September |
| 4 September | 1,322.50 | Naira firming |
| 7 September | 1,320.00 | Strongest close of the period |
| 29 September | 1,331.00 | After the CBN rate cut |
| 30 September | 1,329.50 | End of September |
From the July level of ₦1,374.50 to the end of September, the dollar fell about 3.3% against the naira. Searches for a specific date in September will find rates within a few naira of ₦1,320–1,331, the range the NFEM held all month.
What is the USD to NGN forecast for the next 6 months?
| Horizon | USD/NGN forecast range (official NFEM) | What sits inside the window |
|---|---|---|
| Next 4 weeks (to early November) | ₦1,305 – ₦1,370 | September inflation data; FOMC on 28 October |
| To end-December 2026 | ₦1,290 – ₦1,400 | Final CBN MPC meeting of 2026; FOMC on 9 December; year-end import demand |
| Next 6 months (to April 2027) | ₦1,280 – ₦1,440 | Oil prices; portfolio flows after the rate cut |
| Next 12 months (to October 2027) | ₦1,270 – ₦1,500 | Whether disinflation continues |
Cambridge Currencies’ forecast ranges as at 11 October 2026. They are not guarantees, and exchange rates can move outside these ranges.
Our base case is that the official rate stays in the ₦1,300s through the end of 2026, with a slow upward drift as the effect of the September rate cut feeds through. External reserves at their highest in more than 18 years give the CBN room to smooth sharp moves, which is why our near-term ranges are narrower than the naira’s history might suggest.
For USD/NGN to rise above ₦1,400, foreign portfolio investors would probably need to sell Nigerian assets in response to lower yields, or oil prices would need to fall sharply. Either would reduce the dollar supply that has supported the naira since July.
For USD/NGN to fall toward ₦1,290, reserves would probably need to keep rising and inflation keep falling, giving investors confidence that the rate cut was a one-off reset rather than the start of an easing cycle.
When will the dollar rate increase in Nigeria?
The dollar rate in Nigeria is more likely to drift higher gradually than to jump, and the most likely trigger is the September rate cut. On 22 September the CBN’s Monetary Policy Committee cut the Monetary Policy Rate by 350 basis points to 23.00%, from 26.50%. Lower naira yields make Nigerian treasury bills less attractive to the foreign investors whose dollars have helped hold the naira near ₦1,330.
Governor Olayemi Cardoso described the move as a reset and recalibration rather than an easing cycle, as reported by ThisDay. The market reaction so far has been small. The NFEM rate was ₦1,331 on 29 September and around ₦1,330 in early October, close to its ₦1,329 level at the start of September.
Other triggers to watch are a fall in oil prices, which reduces Nigeria’s export earnings, and further rate rises by the US Federal Reserve. Neither looks immediate, which is why our four-week range is centred close to today’s rate.
Will the dollar rate increase next week in Nigeria?
Week-to-week moves in the official rate have been small in recent months. Between 29 September and 9 October the NFEM rate stayed within a few naira of ₦1,330, a range of well under 1%.
The biggest scheduled event in the coming weeks is the National Bureau of Statistics’ September inflation release. Our weekly currency forecast covers the US data and Fed events that move the dollar each week.
Why has the naira strengthened in 2026?
The naira has strengthened because Nigeria offers a high real interest rate while its dollar reserves are rising. According to the National Bureau of Statistics, headline inflation eased to 15.39% in August from 15.43% in July. Core inflation was 13.29%.
Even after the cut, the 23.00% policy rate is about 7.6 percentage points above inflation. Compare the Philippines, where inflation is running above the central bank’s rate (see our USD to PHP forecast). That positive real return attracts portfolio inflows, which add to dollar supply.
At the September MPC meeting, Governor Cardoso said gross external reserves were above $55 billion, the highest in more than 18 years. Reserves at that level give the CBN the firepower to supply dollars to the market if the naira comes under pressure.
Why is the black market naira rate different from the official rate?
The parallel market rate differs because it reflects cash and informal demand for dollars outside the official NFEM. Since the 2023 unification, the gap has shrunk to roughly 2–3%, compared with far wider premiums under the old multiple-rate system.
Transfers through regulated channels are priced from the official market. Our guide to sending money abroad safely explains why unregulated cash dealers carry risks that a slightly better quoted rate does not offset.
How does the US Federal Reserve affect the dollar to naira rate?
The Federal Reserve raised its target range to 3.75–4.00% on 16 September 2026. Higher US rates tend to draw investment away from frontier markets such as Nigeria. The gap between Nigeria’s 23.00% and the Fed’s midpoint is still about 19 percentage points, though, so the naira’s carry advantage remains large.
The FOMC next decides on 28 October. Our guide to the next Fed decision, our US dollar forecast and our DXY forecast cover the dollar side.
What is the dollar to naira forecast for the next 5 years?
No one can forecast the naira five years ahead with confidence. The main long-run force is the gap between Nigerian and US inflation: when one country’s prices rise faster, its currency tends to lose value over time.
Illustrative arithmetic only, not a forecast: if USD/NGN rose 8% a year for five years from ₦1,330, USD/NGN would be near ₦1,950 in 2031. At 4% a year it would be near ₦1,620. Whether the drift is closer to the lower figure depends on how far the CBN can bring inflation down from the current 15%.
What does the USD/NGN forecast mean if you are sending money to Nigeria?
Dollars buy fewer naira than they did in July, but the naira has been stable for six weeks. Illustrative example: sending $20,000 at ₦1,290 delivers ₦25.8 million; at ₦1,400 it delivers ₦28.0 million. That ₦2.2 million gap is the full width of our year-end range, and a 2–3% bank margin on ₦26.6 million costs ₦532,000–798,000.
Because our ranges lean toward a higher dollar rate over six months, some people with a payment due in 2027 split the transfer rather than send it all at once. A rate alert can tell you when USD/NGN reaches a target. Our guide to sending money from the UK to Nigeria covers documents and options, and why banks give worse exchange rates explains the margin. For the other direction, see sending money from Nigeria to the UK.
USD to NGN forecast: frequently asked questions
What is the dollar to naira prediction for 2026?
USD/NGN is forecast between ₦1,290 and ₦1,400 on the official market to the end of 2026, and between ₦1,280 and ₦1,440 over six months. The official rate was around ₦1,330 in early October 2026.
Will the dollar rise against the naira?
The risks lean toward a gradual rise, because the CBN cut its policy rate to 23.00% in September and Nigerian inflation remains above 15%. Reserves above $55 billion make a sudden jump less likely.
What is the CBN Monetary Policy Rate?
The Monetary Policy Rate is 23.00% after the 307th MPC meeting on 21–22 September 2026 cut it by 350 basis points from 26.50%. The cash reserve requirement for commercial banks was held at 45%.
What is the NFEM rate?
The NFEM rate is the volume-weighted average rate in the Nigerian Foreign Exchange Market, and the CBN treats it as the official exchange rate for each day.
Will the naira rise again?
Further naira gains are possible if reserves keep rising and inflation keeps falling, and our year-end range allows for a move to ₦1,290. After the rate cut, a gradual weakening is the more likely path.
How much is $10,000 in naira?
At the official rate of around ₦1,330 in early October 2026, $10,000 is about ₦13.3 million before any provider margin. The amount the recipient gets depends on the rate and fees the provider applies.
Speak to a specialist about your transfer to Nigeria
Whether you are paying school fees, supporting family or settling a business invoice in Nigeria, every Cambridge Currencies transfer is handled by phone with a dedicated specialist who explains the rate before you commit. Get a quote for your US dollar to naira transfer, or browse all our currency forecasts. We work with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with client funds safeguarded at a credit institution in line with UK safeguarding rules. This article is general guidance, not a personal recommendation.
Sources: Central Bank of Nigeria, Monetary Policy Committee decisions; Central Bank of Nigeria, NFEM exchange rates; National Bureau of Statistics, consumer price index (August 2026); Federal Reserve FOMC statement (16 September 2026); Nairametrics, NFEM closing rates.
