The naira traded within a relatively narrow range against the US dollar on Tuesday, October 6, 2026, with the local currency quoted at about ₦1,33290 per dollar in the Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood around ₦1,357 per dollar.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated slightly at the official market, with the dollar rising to ₦1,33290 from ₦1,332 recorded at the previous weekend’s close.
In the parallel market, the naira appreciated to about ₦1,357 per dollar from ₦1,362 at the weekend, according to market data reported on Tuesday
The movement left the gap between the NFEM and parallel market rates at about ₦2410 per dollar, narrower than the ₦30 spread recorded over the weekend.
The latest figures indicate that the naira continues to trade with relatively limited volatility as foreign exchange liquidity and market conditions remain closely watched by businesses, investors and consumers
The CBN said its NFEM rate is derived using the volume-weighted average and serves as the official exchange rate for the day
At the parallel market, however, rates can vary depending on location, dealer and transaction size
As of Tuesday, October 6, the dollar was therefore selling for approximately ₦1,357 in the parallel market, compared with about ₦1,33290 at the official NFEM window.
The difference between both markets remains significantly narrower than the wide spreads recorded during periods of heightened foreign exchange pressure, reflecting the continued convergence of the official and parallel markets