The Nigerian naira traded relatively steadily against the United States dollar in both the official and parallel foreign exchange markets on Wednesday, October 28, 2026.
Liquidity injections by the Central Bank of Nigeria (CBN), alongside foreign currency inflows from autonomous sources, were reported to have helped the local currency withstand market pressures.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded between ₦1,341.31 and ₦1,352.87 per dollar.
Trading on the spot market recorded moderate fluctuations during the day, as commercial banks and institutional buyers met foreign exchange demand for import payments and capital remittances. The relatively narrow trading range reflects ongoing market-clearing measures under the CBN’s revised operational framework.
In the parallel market, also known as the black market, Bureau De Change operators and street currency traders in major cities, including Lagos, Abuja and Kano, quoted buying rates at around ₦1,375 per dollar and selling rates at approximately ₦1,390 per dollar.
These quotations left a relatively small gap between the official exchange rate and rates in the unauthorised market.
Financial analysts attributed the market’s relative stability to monetary policy measures, foreign exchange reserves remaining around key operational benchmarks, and balanced seasonal demand.
Market participants expect trading volumes to remain steady in the short term as official and informal markets continue to accommodate regular commercial transactions.