The US dollar exchanged at about N1,385 on the parallel market on Friday, October 9, 2026, while the naira traded at approximately N1,329.34 per dollar at the official foreign exchange market.
At the Nigerian Foreign Exchange Market (NFEM), the naira remained relatively stable, with the official exchange rate fluctuating between N1,327 and N1,332 per dollar in early October.
The parallel market rate, also known as the black market rate, reflected continued demand for foreign currency among retail users and operators outside the official market.
The difference between the official and parallel market rates stood at about N55.66 per dollar, highlighting persistent pressure in the foreign exchange market.
Financial analysts attributed the naira’s relative stability to foreign exchange liquidity management by the Central Bank of Nigeria (CBN), alongside foreign reserve levels and trade flows.
Market participants are expected to continue monitoring foreign exchange turnover and movements in the country’s external reserves as the final quarter of 2026 progresses.
