The Nigerian naira weakened against the US dollar in the parallel market on Wednesday, October 7, 2026, while recording a marginal gain at the official foreign exchange market.
The dollar traded at about ₦1,362 in the parallel market, compared with ₦1,357 recorded on Tuesday, representing a ₦5 decline in the value of the naira.
At the Nigerian Foreign Exchange Market (NFEM), however, the naira appreciated to ₦1,331.50 per dollar, from ₦1,332.90 in the previous trading session.
The official rate therefore represented a ₦1.40 gain for the naira against the US currency.
The divergent movements resulted in a wider gap between the official and parallel-market rates.
At ₦1,331.50 per dollar at NFEM and approximately ₦1,362 in the parallel market, the difference stood at ₦30.50 per dollar on Wednesday, compared with ₦24.10 recorded a day earlier.
The movement in the parallel market indicates renewed pressure on the naira in the unofficial market, although rates can vary depending on location, dealer and the size of a transaction.
Market participants continue to monitor dollar availability and demand, which remain key factors influencing exchange rates.
Meanwhile, activity at the official foreign exchange market increased sharply during the latest session.
NFEM interbank turnover rose by 334.8 per cent to $313.6 million, compared with $72.12 million recorded in the previous session.
The increase represents a substantial rise in the volume of foreign exchange transactions as market participants engaged in more dollar-related trading.
As of Wednesday, the dollar was therefore selling for approximately ₦1,362 in the parallel market, while the latest official NFEM rate stood at ₦1,331.50 per dollar.
The difference means buyers seeking dollars through the parallel market would pay more than those accessing the currency through the official market, subject to availability and transaction conditions.
The latest figures show a mixed performance for the naira across Nigeria’s foreign exchange markets, with liquidity, dollar demand and trading activity continuing to influence exchange-rate movements.
Businesses, investors and consumers are expected to continue monitoring the naira-dollar market as changes in the exchange rate affect imports, prices and other dollar-linked transactions.
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