The Naira is recording different exchange rates across Nigeria’s foreign exchange markets as individuals and businesses monitor currency movements on Tuesday, October 13, 2026.
Figures provided in the source report put the exchange rate at approximately ₦1,332.49 to the US dollar at the Nigerian Foreign Exchange Market, NFEM.
The report said the official market had traded within a range of ₦1,329 to ₦1,333 in recent sessions, with increased foreign exchange turnover helping to support relative stability.
In the parallel market, commonly known as the black market, the dollar was reportedly quoted at between ₦1,365 and ₦1,370 for buying, while selling rates ranged from ₦1,375 to ₦1,390.
These figures suggest a difference of approximately ₦45 to ₦55 between the official rate and some parallel-market quotations, depending on the rates being compared.
The report attributed continued demand in the unofficial market partly to individuals and businesses seeking foreign currency for international travel, school fees and imports.
It also linked the relative stability of the official market to monetary policy adjustments and liquidity management measures by the Central Bank of Nigeria.
Rising net foreign reserves were cited as another factor supporting Nigeria’s external position and investor confidence.
Despite these developments, the difference between official and parallel-market rates continues to reflect pressure from foreign exchange demand outside conventional banking channels.
Individuals and businesses exchanging dollars for Naira are advised to confirm the applicable rate with their commercial banks or authorised foreign exchange dealers before completing transactions.
Actual rates may differ according to the transaction amount, location, dealer and exchange platform. The figures quoted above are those reported in the source material and should not be treated as independently verified live rates.
Source: Vanguard
