The naira traded at about ₦1,332.90 to the US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 6, 2026, while the parallel market rate stood at approximately ₦1,357 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the naira weakened marginally at the official market compared with the previous weekend’s closing rate of ₦1,332 per dollar.
The dollar therefore gained slightly against the naira, pushing the official exchange rate to ₦1,332.90 per dollar.
The movement indicated that the official market remained relatively stable, with no significant swing recorded during the period under review.
At the parallel market, however, the naira recorded a modest gain as the dollar declined to around ₦1,357, compared with approximately ₦1,362 recorded at the weekend.
The movement represents a ₦5 appreciation for the naira in the unofficial market.
Parallel-market rates can vary depending on the location of the transaction, the dealer involved and the amount of dollars being exchanged.
With the official rate at ₦1,332.90 and the parallel rate at ₦1,357, the difference between both markets stood at approximately ₦24.10 per dollar.
The gap was narrower than the roughly ₦30 difference recorded at the weekend, indicating continued convergence between the official and parallel foreign exchange markets.
The CBN has stated that the NFEM exchange rate is determined using a volume-weighted average of transactionsconducted in the official market and serves as the benchmark rate for the day.
Based on the figures provided, the naira remained within a relatively narrow range across both markets on Tuesday, with the parallel-market gain further reducing the gap between the official and unofficial exchange rates.
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