Nigerian Naira shows stability in parallel market and breaks Euro resistance

The Nigerian Naira has shown recent fluctuations against major global currencies. In the parallel market, the US dollar remained stable on October 2, 2026, trading at a buying rate of N1,375 and a selling rate of N1,390. This stability is attributed to balanced demand and supply, alongside improved liquidity.

In the official market, the Naira breached a key resistance level against the Euro, closing at N1,497/€, the first time it has fallen below the N1,500/€ mark since April 2024. This movement follows a period where the rate had reached as high as N1,800/€ following foreign exchange reforms and devaluation in 2024. The Naira's appreciation against the Euro is partly driven by the Euro's depreciation against the US dollar in the global forex market.

Data from the Central Bank of Nigeria indicates that the official Nigerian Foreign Exchange Market has seen the Naira trade within a narrow band of N1,327 to N1,330 per US dollar, supported by liquidity injections and stable foreign reserves. Recent trends show a narrowing spread between official and parallel market rates.