The Nigerian naira maintained relative stability against the United States dollar on Wednesday, October 28, 2026, across both official and parallel foreign exchange markets. Continued liquidity support from the Central Bank of Nigeria (CBN), alongside sustained foreign currency inflows through autonomous channels, helped cushion the local currency against market pressures.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded within a range of ₦1,341.31 to ₦1,352.87 per dollar, reflecting moderate fluctuations during the trading session.
Market activity remained measured as commercial banks and institutional buyers met foreign exchange demand for import payments and capital remittances. The relatively narrow trading range suggests a degree of stability in official-market pricing amid ongoing efforts to improve liquidity and strengthen market efficiency.
In the parallel market, also known as the black market, Bureau De Change (BDC) operators and currency traders in major commercial centres, including Lagos, Abuja and Kano, quoted buying rates of approximately ₦1,375 per dollar and selling rates of around ₦1,390 per dollar. The figures indicate a relatively modest gap between official and parallel-market exchange rates.
Analysts attribute the naira’s relative stability to monetary policy measures, foreign exchange supply conditions and seasonal demand patterns. However, the sustainability of the trend will depend on continued dollar inflows, reserve adequacy and the balance between foreign currency supply and demand.
Looking ahead, market participants expect trading activity to remain broadly steady in the near term, provided liquidity conditions remain supportive and demand from importers, businesses and other market participants does not intensify significantly.
