The Nigerian naira opened the week relatively stable against the United States dollar, with the greenback trading at about ₦1,327.08 at the official Nigerian Foreign Exchange Market (NFEM) on Monday, October 5, 2026.
The latest rate reflects continued stability in the official foreign exchange market, amid improved liquidity and increased trading activity. Market participants have attributed the relatively calm movement to recent policy measures by the Central Bank of Nigeria (CBN) and improved foreign exchange availability.
In the parallel market, however, the dollar was quoted at between ₦1,370 and ₦1,390, depending on the location and currency dealer. This leaves a gap of roughly ₦43 to ₦63 between the official and parallel-market rates.
The naira’s recent stability comes amid stronger foreign-exchange reserves and increased activity through formal market channels. Analysts say improved liquidity and greater transparency in the official market could help reduce volatility and narrow the gap between the two exchange-rate windows.
For Nigerians and businesses that rely on foreign currency, attention remains on CBN policies, dollar liquidity and movements in the country’s external reserves as factors that could influence the naira’s performance in the coming days.
