Dollar to Naira Exchange Rate Today, October 16, 2026

The naira maintained relative stability against the US dollar on Friday, October 16, 2026, across Nigeria’s official and parallel foreign exchange markets, with the gap between the two segments remaining relatively narrow.**

According to figures cited for the official Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately **₦1,331.09 per dollar** during early morning transactions.

Trading conditions remained relatively steady, supported by reported improvements in foreign exchange liquidity and elevated external reserves, which have helped sustain the Central Bank of Nigeria’s interventions in the market.

### Parallel Market Exchange Rates

In the parallel market, Bureau De Change (BDC) operators and street currency dealers in major commercial centres, including Lagos and Abuja, quoted the dollar at the following rates:

- **Buying rate:** ₦1,355–₦1,365 per dollar

- **Selling rate:** ₦1,375–₦1,390 per dollar

The figures indicate that the dollar continued to trade at a premium in the parallel market compared with the official window, although the difference between the two rates remained relatively narrow.

### Factors Supporting Naira Stability

Market analysts attribute the relative stability to moderated speculative activity and steady foreign exchange inflows into the domestic market.

Sustained liquidity conditions and foreign reserve levels have also been identified as factors supporting the naira’s performance, alongside the Central Bank of Nigeria’s efforts to maintain stability in the foreign exchange market.

The naira’s near-term performance will depend on the consistency of foreign exchange inflows, market liquidity, external reserve conditions and demand for dollars across both official and parallel market channels.

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