Naira Trades Mixed as Official Rate Hits ₦1,332.90/$

The naira recorded mixed movement against the US dollar on Tuesday, October 6, 2026. It weakened slightly at the official Nigerian Foreign Exchange Market, NFEM, but appreciated in the reported parallel market.

At the official window, the naira traded at ₦1,332.90 per dollar, while the reported parallel-market rate stood at about ₦1,357 per dollar.

Dollar-to-Naira Rates Today

The Central Bank of Nigeria states that the NFEM rate is calculated using a volume-weighted average of official-market transactions and serves as the day’s benchmark exchange rate.cbn.gov+1

Official Market Sees Marginal Weakness

The naira depreciated by about 90 kobo at the official market, moving from approximately ₦1,332/$ at the previous weekend’s close to ₦1,332.90/$.

The change was modest and indicates a relatively stable trading range rather than a significant drop in the currency’s value.vanguardngr+1

Nairametrics reported that foreign-exchange activity remained mixed at the start of the new trading month, while the official market’s movement stayed within a narrow band.

Naira Gains in Parallel Market

In the parallel market, the naira appreciated from about ₦1,362/$ at the weekend to approximately ₦1,357/$ on Tuesday.

That represents a ₦5 gain for the naira against the dollar in reported street-market trading.

However, parallel-market quotations are not fixed nationwide. Actual rates can differ depending on:

• • City and location
  • Individual dealer
  • Transaction size
  • Whether the customer is buying or selling dollars
  • Availability of foreign currency at the time

For example, one exchange-rate platform listed a black-market reference rate of ₦1,355/$ on October 6, while another reported rates ranging from roughly ₦1,354 to ₦1,361 depending on whether dollars were being bought or sold.

Gap Narrows to ₦24.10

The difference between the reported official rate and the parallel-market rate narrowed to about ₦24.10 per dollar, down from around ₦30 at the weekend.

₦1,357−₦1,332.90=₦24.10₦1,357 - ₦1,332.90 = ₦24.10₦1,357−₦1,332.90=₦24.10

A smaller gap can reduce uncertainty for businesses and individuals who need foreign currency, especially importers and firms with dollar-denominated obligations.

Still, a narrow spread on one trading day does not guarantee permanent stability. Foreign-exchange liquidity, oil receipts, remittances, investor confidence, import demand and CBN policy will continue to influence the naira.

What It Means for Nigerians

Dollar-to-naira movements affect more than currency traders.

• • Importers: A weaker naira raises the naira cost of imported goods, machinery, raw materials and pharmaceuticals.
  • Travellers and students: Foreign tuition, travel tickets, accommodation and overseas expenses can become more expensive.
  • Households: Exchange-rate changes can feed into the cost of imported products and, eventually, general prices.
  • Recipients of remittances: A higher naira-per-dollar rate may mean more naira when foreign income is converted.
  • Businesses: Greater rate stability can make budgeting and pricing easier.

At the official rate of ₦1,332.90/$, ₦1 million is worth roughly $750.24 before bank charges or other transaction costs. At ₦1,357/$, the same ₦1 million is worth about $736.92.

Bottom Line

The naira closed around ₦1,332.90/$ at the official NFEM window and traded at a reported ₦1,357/$ in the parallel market on October 6.

The currency weakened marginally in the official market but gained about ₦5 in the parallel market, narrowing the reported gap between the two markets to roughly ₦24.10 per dollar. Actual rates should always be confirmed with a licensed bank or authorised exchange provider immediately before a transaction.

Source: Nairametrics