The Nigerian naira continues to record mixed movements across the foreign exchange market as businesses, investors and individuals monitor exchange rates on Tuesday, October 13, 2026.
At the official Nigerian Foreign Exchange Market (NFEM), the naira is trading at approximately ₦1,332.49 per US dollar, reflecting relative stability in recent trading sessions.
Data attributed to the Central Bank of Nigeria (CBN) and market trackers indicate that the official exchange rate has remained within the ₦1,329–₦1,333 range. Increased foreign exchange turnover in the official window has also helped support stability amid ongoing demand for dollars.
Meanwhile, the parallel market, popularly known as the black market, continues to trade at a premium to the official rate. Bureau de Change (BDC) operators and other parallel-market dealers are reportedly quoting the dollar at ₦1,365–₦1,370 for buying and ₦1,375–₦1,390 for selling.
These figures put the gap between the official and parallel-market rates at approximately ₦43–₦58 per dollar, depending on the quoted rate. The premium reflects continued demand for foreign currency from individuals and businesses seeking to pay international tuition fees, fund overseas travel and settle import-related expenses.
The naira’s relative stability in the official market has been linked to the CBN’s monetary policy measures and foreign exchange liquidity management. Improved external reserves, where sustained, may also strengthen Nigeria’s capacity to meet foreign currency obligations and support investor confidence.
However, the persistent difference between official and parallel-market rates highlights the continuing challenges of meeting dollar demand across different segments of the economy. Exchange rates in the informal market can fluctuate based on location, dollar availability, transaction size and prevailing demand.
Individuals and businesses planning foreign exchange transactions are advised to confirm current rates with their commercial banks or authorised foreign exchange dealers before completing a transaction. Parallel-market quotations should be treated as indicative, as actual rates may vary between operators.
