The naira recorded mixed fortunes against the US dollar on Tuesday, October 6, 2026, weakening slightly at the official foreign exchange market while gaining value in the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the naira closed at ₦1,332.90 to the dollar, compared with ₦1,332/$ at the previous weekend’s close, according to Central Bank of Nigeria data.
Brandspur Banking News Desk reports that the movement was more favourable in the parallel market, where the naira strengthened to about ₦1,357/$, from ₦1,362/$ recorded at the weekend.
The latest figures put the difference between the official and parallel-market rates at approximately ₦24.10 per dollar, down from the ₦30 gap recorded at the previous weekend’s close.
The narrower spread indicates continued convergence between the two segments of Nigeria’s foreign exchange market, although exchange-rate movements remain important for businesses and consumers exposed to changes in dollar availability and market conditions.
Trading activity at the official market was considerably lower during the period. NFEM interbank turnover fell by 66 per cent, dropping to $72.12 million from $154.02 million at the previous weekend’s close.
The NFEM rate is determined using the volume-weighted average of transactions conducted in the market and serves as the official exchange rate for the day.
Meanwhile, the parallel-market rate can differ depending on factors such as location, individual dealers and the size of a transaction. The reported ₦1,357/$ figure therefore represents the prevailing approximate rate rather than a uniform price across all parallel-market transactions.
For Nigerians and businesses needing dollars, the movement means the exchange-rate picture remains divided, although the gap between the two markets has become smaller. Importers, travellers and other dollar-dependent consumers continue to monitor both rates closely because even relatively small changes can affect the naira cost of foreign-currency transactions.
As of Tuesday, October 6, 2026, the dollar was therefore trading at approximately ₦1,332.90 at the official NFEM window and ₦1,357 in the parallel market.
