Dollar trades around ₦1,328 at official window as parallel-market rates remain within familiar range
The Nigerian naira recorded relatively limited movement against the United States dollar on Friday, October 2, 2026, with trading in both the official foreign exchange market and the parallel market remaining broadly stable.
At the official Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at approximately ₦1,328.17, keeping the naira close to the Central Bank of Nigeria’s (CBN) reference rate of ₦1,329.16.
The narrow gap between the prevailing market rate and the reference rate points to a relatively calm session in the official market, where liquidity conditions and foreign-exchange supply continue to influence price movements.
The latest figures also represent only a marginal change from the previous trading session, suggesting that the naira-dollar exchange rate has remained within a relatively tight band in the official market.
Parallel market maintains wider premium
Activity was more expensive for buyers seeking dollars through the parallel market, where street traders quoted the greenback at about ₦1,375 for buying and as high as ₦1,390 for selling.
The spread between the official and parallel-market rates means that individuals and businesses sourcing physical dollars outside the official market continue to face a significantly higher cost.
Street-level currency traders reported steady demand for cash transactions, a factor that has helped keep parallel-market rates elevated even as the official market remains comparatively stable.
The difference between the two markets reflects the varying conditions under which foreign exchange is accessed. While the official market is influenced by formal banking channels, regulated transactions and broader liquidity management, the parallel market responds more directly to immediate cash demand and supply conditions.
For market participants, the stability recorded on Friday suggests that demand and available dollar liquidity were broadly balanced, although the continued premium in the parallel market indicates that pressures remain outside the formal trading system.
What the rates mean
At ₦1,328.17 per dollar in the official market, the naira was trading only slightly stronger than the CBN reference rate of ₦1,329.16. By contrast, the parallel-market selling rate of ₦1,390 represented a substantially higher cost for dollar buyers.
The figures underline the continuing distinction between the formal and informal foreign-exchange markets, with the latter maintaining a premium despite the relative calm observed at the official window.
For businesses, importers, travellers and other dollar-dependent consumers, movements in both markets remain important because exchange-rate differences can affect the cost of imported goods, international payments and other foreign-currency obligations.
As trading continues, attention is likely to remain focused on dollar liquidity, demand conditions and policy measures affecting the foreign-exchange market, all of which could influence the naira’s direction in subsequent sessions.