The Nigerian naira remained relatively stable against the US dollar on Thursday, October 8, 2026, with exchange rates holding within a narrow range across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market.
At the official NFEM window, the US dollar traded between ₦1,330.87 and ₦1,331.77. Market observers noted that the official exchange rate has remained within a tight range in recent sessions, supported by regulated foreign exchange interventions and relatively consistent liquidity flows through authorised dealer banks.
In the parallel market, also known as the Bureau De Change (BDC) market, the dollar was quoted at approximately ₦1,375 for buying and ₦1,390 for selling. The rates showed little movement compared with earlier in the week, suggesting relatively balanced supply and demand among retail currency buyers, corporate importers and international travellers seeking immediate access to foreign exchange.
Financial analysts attribute the naira’s relative stability to steady foreign currency inflows and cautious market sentiment. However, demand for foreign exchange to meet international trade obligations, pay school fees abroad and cover travel expenses continues to place pressure on the parallel market.
Despite these pressures, the relatively narrow fluctuations in exchange rates have provided some predictability for market participants. Nevertheless, sustained stability will depend on foreign currency supply, demand conditions and the effectiveness of measures aimed at improving liquidity in the official market.
