Nigerian naira maintains stability against US dollar

The Nigerian naira has shown relative stability against the US dollar as of early October 2026. In the official Nigerian Foreign Exchange Market (NFEM), the exchange rate has remained within a narrow range, trading at approximately ₦1,329 per dollar.

In the parallel market, the naira has traded at a higher rate, estimated between ₦1,370 and ₦1,385 per dollar. This gap between the official and parallel markets reflects ongoing demand for foreign currency among businesses and individuals using alternative trading channels.

Financial analysts attribute the currency's performance to the Central Bank of Nigeria’s liquidity management efforts, the country's foreign reserve position, and steady international trade activities. Market participants continue to monitor dollar supply and external reserves as the final quarter of the year progresses.