Naira Trades at ₦1,346.51 Against Dollar as Parallel Market Rate Hits ₦1,430

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

At the Nigerian Foreign Exchange Market (NFEM), the dollar traded at an average rate of ₦1,346.51, with early transactions recorded between ₦1,343.35 and ₦1,347.32.

The performance indicated relative stability in the official market, with the exchange rate remaining within a narrow trading range, according to the supplied market figures.

However, the parallel market continued to record higher dollar prices, with foreign currency dealers quoting rates between ₦1,410 and ₦1,430, depending on location and individual transactions.

The difference between the official and parallel market rates placed the unofficial market premium at approximately ₦64 to ₦83 per dollar.

Financial analysts attribute the continued gap partly to demand from small-scale importers and individuals seeking quicker access to foreign currency outside conventional banking channels.

Market participants are also monitoring the Central Bank of Nigeria’s liquidity management measures and the country’s foreign exchange reserves, which remain important factors influencing currency market conditions.

The continued difference between the two exchange rate windows highlights the challenges surrounding access to foreign currency, particularly for individuals and businesses that require dollars for imports, payments and other international transactions.

While the official market maintained a relatively narrow trading range, the higher parallel market quotations indicate that foreign exchange demand continues to exert pressure outside the formal banking system.