Naira Trades at ₦1,329 Per Dollar Officially, ₦1,385 on Parallel Market

The naira traded at around ₦1,329.34 per US dollar on the official foreign exchange market, while the dollar exchanged at approximately ₦1,385 on the parallel market, according to the market figures provided.

At the Nigerian Foreign Exchange Market (NFEM), the currency reportedly remained within a narrow range of ₦1,327 to ₦1,332 per dollar in early October. The movement suggests relative stability in the official market during the period covered by the figures.

The Central Bank of Nigeria’s monetary policy adjustments and liquidity management were cited as factors supporting the naira’s performance. However, the figures provided do not establish how much each factor contributed to the exchange rate.

On the parallel market, the dollar traded at about ₦1,385. The difference between the official and parallel rates reflects continued demand for foreign currency through retail transactions and alternative exchange channels.

The gap between the two rates also highlights differences in foreign exchange access and liquidity across market segments. Although the figures point to a relatively steady trading range, the rates can change as demand and supply conditions shift.

Market analysts cited in the report said foreign reserves and trade flows were helping to support the currency. However, no specific reserve figures or trade data were provided to quantify their impact on the naira.

Attention is expected to remain on foreign exchange turnover and movements in Nigeria’s external reserves as the final quarter of 2026 progresses. These indicators will be important in assessing whether the naira maintains its recent trading range.

The reported rates offer a snapshot of the official and parallel markets in early October. Traders, businesses and individuals needing dollars are advised to confirm current rates with their respective financial institutions or authorised providers before making transactions.