The naira traded relatively steadily against the United States dollar in early trading on Wednesday, October 21, 2026, across the official foreign exchange market and the parallel market.
At the official Nigerian Foreign Exchange Market (NFEM), the naira opened at approximately ₦1,330.97 to ₦1,332 per dollar. The spot rate reflects activity within the official market, where liquidity is influenced by foreign exchange interventions and portfolio investment flows.
In the parallel market, currency traders and Bureau De Change (BDC) operators in major commercial centres, including Lagos and Abuja, quoted buying rates of around ₦1,365 per dollar and selling rates of approximately ₦1,380.
The difference between the official and parallel market rates remained around ₦48 to ₦50 per dollar, amid continued demand for foreign currency for international travel, overseas tuition fees and unofficial commercial imports.
At these rates, $100 was worth approximately ₦133,097 at the official rate, while purchasing the same amount through the parallel market could cost as much as ₦138,000.
Market analysts say foreign exchange liquidity remains closely tied to international crude oil earnings and domestic monetary policy measures designed to stabilise foreign capital inflows.