The Nigerian naira maintained relative stability against the United States dollar across the official and parallel foreign exchange markets on Friday, 16 October 2026.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at approximately N1,331.09 per dollar during early morning transactions.
Intraday figures indicated that the currency remained within a relatively narrow trading range, supported by consistent foreign exchange liquidity injections and elevated external reserves, which backed interventions by the Central Bank of Nigeria.
In the parallel market, currency traders and Bureau De Change operators in major commercial centres, including Lagos and Abuja, quoted buying rates of between N1,355 and N1,365 per dollar.
Selling rates in the informal market ranged from N1,375 to N1,390 per dollar, keeping the gap between the official and parallel market rates relatively narrow.
Market analysts attributed the limited gap to reduced speculative activity and steady foreign exchange inflows into the domestic market.