Naira Holds Steady at N1,346.86 Against Dollar at Official Market

The Nigerian naira opened trading on Friday, October 30, 2026, relatively stable against the United States dollar across the official foreign exchange market and the parallel market.

At the Nigerian Foreign Exchange Market (NFEM), the local currency traded at N1,346.86 per dollar during early morning transactions, with liquidity conditions described as orderly.

Commercial banks and corporate importers reportedly continued to access foreign exchange through authorised channels to meet obligations, including trade payments, tuition fees and capital repatriation.

In the parallel market, also known as the black market, Bureau De Change operators and street traders in major cities, including Lagos, Abuja and Kano, quoted buying rates at about N1,375 per dollar and selling rates around N1,385.

The figures indicate a relatively narrow gap between the official and parallel market rates, although the two markets continued to trade at different levels.

The report attributed the naira’s stability to sustained liquidity interventions by the Central Bank of Nigeria (CBN) and inflows from Nigerians living abroad. It also cited the country’s foreign reserves, said to be above $55 billion, as a buffer against short-term pressure on the currency.

Financial analysts reportedly expect trading conditions to remain steady throughout the business day, with routine demand for foreign exchange being absorbed by available market liquidity.

However, the exchange rates may change as trading progresses, depending on demand, supply and developments in the foreign exchange market. Market participants are therefore advised to check current rates before carrying out transactions.