The Nigerian naira weakened against the United States dollar in the parallel market on Wednesday, October 7, 2026, but strengthened at the Nigerian Foreign Exchange Market (NFEM).
The dollar traded at about ₦1,362 in the parallel market, up from ₦1,357 on Tuesday, according to the latest market data.
At the official NFEM window, the naira appreciated to ₦1,331.50 per dollar from ₦1,332.90 in the previous session. Data from the Central Bank of Nigeria (CBN) showed that the move represented a ₦1.40 gain in the naira’s value against the dollar.
The divergent movements widened the gap between the official and parallel-market rates to ₦30.50 per dollar, compared with ₦24.10 on Tuesday.
The development came amid a sharp increase in activity at the official foreign exchange market. NFEM interbank turnover surged by 334.8 per cent to $313.6 million, up from $72.12 million in the previous session, according to the latest market data.
The parallel-market rate may vary depending on location, dealer and transaction size.
As of October 7, the dollar was selling for approximately ₦1,362 in the parallel market, while the latest NFEM rate stood at ₦1,331.50 per dollar.
The contrasting movements in the two markets highlight ongoing shifts in foreign exchange liquidity and demand as businesses, investors and consumers continue to monitor developments in the naira market.
