The Naira remained relatively stable against the US dollar at the official foreign exchange market on Tuesday, October 13, 2026, while the dollar continued to trade at a higher rate in the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the dollar traded at approximately ₦1,332.49, according to available market data.
Meanwhile, in the parallel market, commonly known as the black market, Bureau De Change operators and currency dealers were reportedly buying the dollar at rates ranging from ₦1,365 to ₦1,370 and selling between ₦1,375 and ₦1,390.
The difference between the official and parallel market rates reflects continued demand for foreign exchange for international transactions, including school fees, travel and the purchase of imported goods.
Market observers attribute the relative stability of the Naira in the official market to foreign exchange liquidity management and monetary policy measures by the Central Bank of Nigeria (CBN).
However, exchange rates may vary depending on the dealer, location and transaction volume. Individuals and businesses are advised to confirm prevailing rates with their banks or authorised foreign exchange dealers before conducting transactions.
