The Nigerian naira remained relatively stable against the US dollar on Friday, October 9, 2026, with exchange rates showing a gap between the official foreign exchange market and the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,329.34 per dollar. Market data showed that the official exchange rate had remained within the range of ₦1,327 to ₦1,332 per dollar in early October.
The relative stability was attributed to monetary policy adjustments and liquidity management measures by the Central Bank of Nigeria (CBN).
Meanwhile, the US dollar exchanged for approximately ₦1,385 in the parallel market, also known as the black market.
The difference between the official and parallel market rates reflects continued demand for foreign currency among retail consumers and businesses, as well as liquidity challenges in informal foreign exchange channels.
However, overall market conditions have helped limit sharp fluctuations compared with previous quarters.
Financial analysts noted that Nigeria's foreign reserves and relatively steady trade flows have continued to support the naira.
Market participants are expected to closely monitor foreign exchange transactions and movements in the country's external reserves as the final quarter of 2026 progresses.
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