The Nigerian naira opened trading on Friday, October 30, 2026, on a relatively stable footing against the United States dollar across both the official foreign exchange market and the parallel market, supported by sustained liquidity interventions from the Central Bank of Nigeria (CBN) and steady diaspora remittance inflows.
At the official Nigerian Foreign Exchange Market (NFEM), the naira exchanged at ₦1,346.86 per dollar during early morning trading. Liquidity conditions remained orderly, with commercial banks and corporate importers reportedly meeting their foreign exchange requirements for trade transactions, tuition payments, and capital repatriation through authorized channels.
Meanwhile, in the parallel market, popularly known as the black market, currency dealers and Bureau De Change (BDC) operators in major commercial centres, including Lagos, Abuja, and Kano, quoted the dollar at approximately ₦1,375 for buying and ₦1,385 for selling.
The relatively narrow gap between the official and parallel market rates suggests improved alignment across Nigeria’s foreign exchange markets, reflecting better liquidity conditions and reduced pressure on the naira.
Financial analysts have attributed the currency’s relative stability to sustained CBN interventions, improving foreign exchange inflows, and the country’s foreign reserve position, reportedly above $55 billion. The reserve buffer provides additional capacity to manage short-term foreign exchange demand pressures and support stability in the domestic currency market.
Market participants expect the naira to maintain a relatively steady performance throughout Friday’s trading session, provided that foreign exchange supply remains sufficient to absorb routine demand from importers, businesses, and other market participants.
