The naira traded within a relatively narrow range against the US dollar on Tuesday, October 6, 2026, with the local currency quoted at about ₦1,332.90 per dollar in the Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood at around ₦1,357.
Data from the Central Bank of Nigeria (CBN) showed that the naira weakened marginally in the official market, with the dollar rising to ₦1,332.90 from ₦1,332 at the previous weekend’s close.
In the parallel market, however, the naira strengthened to about ₦1,357 per dollar from ₦1,362 over the weekend, according to market data reported on Tuesday.
The movements narrowed the gap between the official and parallel market rates to approximately ₦24.10 per dollar, compared with a spread of about ₦30 over the weekend.
The relatively small difference between the two markets points to continued convergence in Nigeria’s foreign exchange market, following periods of wider divergence amid heightened FX pressures.
The CBN said its NFEM rate is determined using a volume-weighted average and serves as the official exchange rate for the day.
Parallel-market rates, meanwhile, can vary depending on the location, dealer and size of the transaction.
As of Tuesday, the dollar was therefore selling for approximately ₦1,357 in the parallel market, compared with ₦1,332.90 at the official NFEM window.
The naira’s relatively limited movement in both markets suggests that exchange-rate volatility remains contained, although foreign exchange liquidity and broader market conditions continue to be closely monitored by businesses, investors and consumers.
