The Nigerian naira recorded mixed movements against the United States dollar on Wednesday, October 7, 2026, weakening in the parallel market while gaining slightly at the Nigerian Foreign Exchange Market (NFEM).
The dollar exchanged for about ₦1,362 in the parallel market, compared with ₦1,357 recorded on Tuesday, indicating a ₦5 decline in the value of the naira in that market.
At the official NFEM window, however, the naira strengthened to ₦1,331.50 per dollar, compared with ₦1,332.90 recorded in the previous trading session.
Naira Gains ₦1.40 at Official Market
Data from the Central Bank of Nigeria (CBN) showed that the latest NFEM rate represented a ₦1.40 appreciation in the value of the naira against the dollar.
The movement came as activity in the official foreign exchange market increased significantly during the session.
NFEM interbank turnover reportedly rose by 334.8 percent, reaching $313.6 million, compared with $72.12 million recorded in the previous session.
The sharp increase in turnover indicates a substantial rise in trading activity in the official foreign exchange market.
Gap Between Official and Parallel Market Widens
The difference between the official NFEM rate and the parallel market rate also widened on Wednesday.
With the dollar trading at approximately ₦1,362 in the parallel market and ₦1,331.50 at NFEM, the gap stood at ₦30.50 per dollar.
This represents an increase from the ₦24.10 gap recorded on Tuesday.
Dollar Rate in Nigeria Today
As of Wednesday, October 7, 2026, the dollar is trading at approximately:
Parallel market: ₦1,362/$
NFEM: ₦1,331.50/$
Parallel market premium over NFEM: ₦30.50/$
The parallel market rate may vary depending on the location of the transaction, the dealer involved and the amount of dollars being bought or sold.
What Is Driving the Naira Movement?
The contrasting movements across the two markets reflect changing conditions in Nigeria's foreign exchange market, including variations in foreign exchange liquidity and demand.
Businesses, investors and consumers continue to monitor the naira-dollar exchange rate closely because movements in the value of the naira can affect the cost of imported goods, business operations, investment decisions and consumer prices.
The latest increase in official-market trading activity will also be closely watched as participants assess whether improved liquidity can support stability in the naira's value.
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