The naira traded at approximately N1,330.95 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Friday, October 23, 2026.
Early transactions in the official market ranged between N1,330.95 and N1,332.00 per dollar, indicating relative stability following recent daily fluctuations.
In the parallel market, currency traders and Bureau De Change (BDC) operators in major commercial centres, including Lagos and Abuja, quoted buying rates between N1,360 and N1,365 per dollar. Selling rates ranged from N1,375 to N1,380.
The difference between official and parallel market rates reflects continued demand for foreign currency from individual buyers, small business importers and people seeking dollars for international travel and tuition payments.
At the prevailing official rate, $100 would be worth approximately N133,095 through banking and NFEM channels. In the parallel market, purchasing the same amount could cost as much as N138,000.
Market participants attributed the relative stability of the exchange rate to sustained diaspora remittance inflows and foreign portfolio investment in domestic yield-bearing instruments.