The Nigerian naira recorded relatively modest movements across the official and parallel foreign exchange markets on Tuesday, November 10, 2026, as market participants monitored the Central Bank of Nigeria’s (CBN) liquidity management efforts amid sustained demand for foreign currency.
At the official Nigerian Foreign Exchange Market (NFEM), the US dollar traded at an average rate of ₦1,346.51. Early trading saw the exchange rate fluctuate within a narrow range of ₦1,343.35 to ₦1,347.32 per dollar, reflecting the relative stability observed in recent trading sessions.
In the parallel market, the dollar traded between ₦1,410 and ₦1,430, with rates varying by location and currency dealer. This represented a premium of approximately ₦64 to ₦83 per dollar over the official NFEM rate.
Market analysts attribute the continued gap between the official and parallel-market rates to sustained demand from small-scale importers, businesses and individuals seeking quicker access to foreign currency outside conventional banking channels.
Overall, developments in the naira market remain influenced by the CBN’s foreign exchange liquidity management, the country’s external reserves and the availability of dollars to meet legitimate trade and other foreign currency obligations.
