GistReel
The Nigerian naira weakened to ₦1,362 per dollar in the parallel market on Wednesday, October 7, 2026, from ₦1,357 recorded on Tuesday, as pressure on the local currency increased in the unofficial market.
However, the naira moved in the opposite direction at the Nigerian Foreign Exchange Market (NFEM), where it appreciated to ₦1,331.50 per dollar from ₦1,332.90 in the previous trading session.
The latest figures showed a mixed performance across Nigeria’s foreign exchange markets.
Naira gains at official market
Data from the Central Bank of Nigeria (CBN) showed that the naira’s movement at the official market represented an appreciation of ₦1.40 against the US dollar.
The NFEM rate of ₦1,331.50 means the local currency gained some ground despite the weaker performance recorded in the parallel market.
The official exchange rate remains an important benchmark for businesses, investors and other market participants who rely on foreign currency for imports, payments and other transactions.
Parallel market records fresh pressure
In the parallel market, the dollar rose to approximately ₦1,362, representing a ₦5 increase from the ₦1,357 recorded a day earlier.
The movement indicates renewed pressure on the naira in the unofficial market, although parallel-market rates can differ depending on the location, dealer and size of the transaction.
Traders and other participants in the market continue to monitor the availability of foreign currency and changes in demand, both of which can influence the rate offered to buyers and sellers.
Exchange-rate gap widens
The difference between the official and parallel-market rates also increased during the period under review.
With the dollar at ₦1,331.50 at NFEM and about ₦1,362 in the parallel market, the gap stood at ₦30.50 per dollar on Wednesday.
This represents a wider spread compared with the ₦24.10 difference recorded on Tuesday, reflecting the divergent movements in the two markets.
FX market activity surges
Meanwhile, trading activity at the official foreign exchange market increased sharply during the latest session.
NFEM interbank turnover rose by 334.8 per cent to $313.6 million, compared with $72.12 million recorded in the previous session.
The significant increase in turnover points to a substantial rise in the volume of foreign exchange transactions during the session as market participants engaged in more dollar-related trading.
What the latest rates mean
As of Wednesday, October 7, the dollar was selling for approximately ₦1,362 in the parallel market, while the latest official NFEM rate stood at ₦1,331.50 per dollar.
The difference between the two rates means buyers seeking dollars in the parallel market would pay more than those accessing the currency at the official market rate, subject to availability and transaction conditions.
The naira’s mixed performance continues to reflect changing conditions in Nigeria’s foreign exchange market, with liquidity, dollar demand and trading activity remaining key factors influencing exchange rates.
Businesses, investors and consumers are expected to continue watching developments in both the official and parallel markets as they assess the impact of currency movements on imports, prices and other dollar-linked transactions.