The Nigerian naira maintained relative stability against the US dollar across the official foreign exchange market and the parallel market on Friday, October 2, 2026, as exchange rate movements remained limited.
At the official Nigerian Foreign Exchange Market (NFEM), the US dollar traded at approximately ₦1,328.17, remaining close to the Central Bank of Nigeria’s (CBN) reference rate of ₦1,329.16. The figures indicate minimal movement from the previous trading session, reflecting relatively steady conditions in the official foreign exchange market.
Meanwhile, the dollar exchanged at higher rates in the parallel market, popularly known as the black market, where currency dealers quoted buying rates of approximately ₦1,375 and selling rates of up to ₦1,390.
Street-level foreign exchange traders reported steady demand for US dollars, particularly for cash transactions, keeping the gap between the official and parallel market rates within a familiar range.
Official Dollar to Naira Exchange Rate Today
Data from the official foreign exchange window indicates that the US dollar traded at approximately ₦1,328.17 on October 2, 2026, compared with the CBN reference rate of ₦1,329.16.
The narrow difference between the trading rate and the reference rate points to limited price fluctuations during the session. Market conditions continue to be influenced by foreign exchange liquidity, currency demand and adjustments within the official market framework.
Black Market Dollar to Naira Rate Today
In the parallel foreign exchange market, the US dollar was quoted at approximately ₦1,375 for buying and ₦1,390 for selling on Friday.
The parallel market continues to serve individuals and businesses seeking foreign currency for cash transactions and other immediate liquidity requirements. Demand from these market participants has contributed to the difference between official and parallel market exchange rates.
However, parallel market rates may vary depending on location, transaction size, cash availability and individual currency dealers.
Difference Between Official and Black Market Rates
The difference between the official NFEM trading rate of ₦1,328.17 and the parallel market selling rate of ₦1,390 stood at approximately ₦61.83 per dollar.
This reflects the continuing premium in the parallel market, where cash availability and localized demand can influence exchange rates independently of the official market.
Outlook for the Naira
The naira’s relatively stable performance across both markets on October 2 suggests limited short-term exchange rate movements during the trading session.
However, the currency’s future performance will depend on several factors, including foreign exchange supply, market liquidity, dollar demand, monetary policy decisions and broader economic conditions.
Traders and businesses will continue to monitor developments in the official and parallel markets for possible changes in the exchange rate.
Disclaimer: Exchange rates are indicative and may change throughout the trading day. Parallel market rates are based on reported dealer quotations and may vary by location and transaction.