The Nigerian naira weakened against the US dollar on the parallel market on Wednesday, October 7, 2026, while it gained value at the Nigerian Foreign Exchange Market (NFEM).
The dollar was quoted at around ₦1,362 on the parallel market, rising from ₦1,357 recorded on Tuesday, based on the latest market data.
At the official NFEM window, the naira strengthened to ₦1,331.50 per dollar from ₦1,332.90 in the previous trading session.
Figures from the Central Bank of Nigeria (CBN) indicated that the latest movement represented a ₦1.40 gain in the naira’s value at the official market.
The difference between the official and parallel market rates consequently increased to ₦30.50 per dollar, compared with ₦24.10 on Tuesday.
The change occurred amid a sharp rise in activity at the official foreign exchange market. NFEM interbank turnover climbed by 334.8 per cent to $313.6 million from $72.12 million recorded in the previous session, according to the latest data.
However, parallel market rates can differ based on location, dealer and transaction size.
As of October 7, the dollar is therefore selling for approximately ₦1,362 on the parallel market, while the latest NFEM rate stands at ₦1,331.50 per dollar.
The movements across both markets continue to reflect shifts in foreign exchange liquidity and demand as businesses, investors and consumers follow developments in the naira market.