Naira Trades at ₦1,346.51 Against Dollar at Official Market

The Nigerian naira recorded modest movements against the United States dollar across the official and parallel foreign exchange markets on Tuesday, November 10, 2026, as traders monitored foreign currency liquidity and demand.

At the Nigerian Foreign Exchange Market (NFEM), the dollar traded at an average rate of ₦1,346.51. Early trading activity remained within a narrow range of ₦1,343.35 to ₦1,347.32, indicating limited movement in the official market.

Meanwhile, the parallel market recorded dollar buying and selling quotes ranging between ₦1,410 and ₦1,430, although rates varied depending on location and individual currency dealers.

Based on the reported figures, the gap between the official average rate and parallel-market quotes stood at approximately ₦63 to ₦83 per dollar.

The difference highlights the continued variation between the official foreign exchange market and informal currency channels, where individuals and businesses seeking immediate access to foreign currency may encounter different rates.

Market analysts attribute the divergence partly to demand from small-scale importers and retail buyers who seek foreign currency outside conventional banking channels.

They also point to broader factors, including foreign exchange liquidity, the country’s external reserves and the Central Bank of Nigeria’s management of currency supply, as influences on market conditions.

The naira’s performance across both markets remains an important indicator for businesses and consumers, particularly those involved in importing goods, international transactions and other activities requiring foreign currency.