The naira traded within a relatively narrow range against the US dollar on Tuesday, October 6, 2026, with the local currency quoted at about ₦1,332.90 per dollar at the Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood at around ₦1,357 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the naira weakened slightly at the official market, with the dollar rising to ₦1,332.90 from ₦1,332 recorded at the previous weekend’s close.
At the parallel market, the naira strengthened to around ₦1,357 per dollar from ₦1,362 at the weekend, according to market data reported on Tuesday.
The movement narrowed the gap between the NFEM and parallel market rates to about ₦24.10 per dollar, compared with the ₦30 difference recorded over the weekend.
The latest figures suggest that the naira continues to trade with relatively limited volatility as businesses, investors and consumers closely monitor foreign exchange liquidity and market conditions.
The CBN said its NFEM rate is calculated using a volume-weighted average and serves as the official exchange rate for the day.
At the parallel market, however, exchange rates may differ depending on the location, dealer and size of the transaction.
As of Tuesday, October 6, the dollar was therefore selling for approximately ₦1,357 in the parallel market, compared with about ₦1,332.90 at the official NFEM window.
The difference between the two markets remains significantly narrower than the wider spreads recorded during periods of heightened foreign exchange pressure, indicating continued convergence between the official and parallel markets.