The naira opened the new week on a relatively stable note against the United States dollar across the official and parallel foreign exchange markets on Monday, October 5, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the dollar traded at about ₦1,327.08 as activities continued at the official window.
The latest rate showed that the naira remained around its recent trading level, with no major movement recorded at the start of the week.
Trading at the official market has been supported by foreign exchange liquidity and measures introduced by the Central Bank of Nigeria (CBN) to improve access to dollars through formal channels.
Nigeria’s foreign reserves have also provided additional support to the foreign exchange market following improvements recorded in recent months.
Away from the official window, the dollar traded at a higher rate in the parallel market on Monday.
Currency dealers quoted the greenback between ₦1,370 and ₦1,390, although rates may differ depending on the location and volume of the transaction.
Demand for physical dollars remained present in the informal market, where individuals and businesses unable to meet their foreign exchange needs through official channels often carry out transactions.
The gap between the official and parallel market rates remained relatively narrow, continuing the closer movement between the two segments of the foreign exchange market.
The CBN has introduced several changes to Nigeria’s foreign exchange system in recent years as part of efforts to improve liquidity, increase transparency and reduce the difference between rates available through official and informal channels.
The dollar-to-naira exchange rate remains important to businesses and households because movements in the currency market can affect the cost of imported goods, international payments and other transactions requiring foreign currency.
Rates may change during the day depending on demand and supply conditions in the different markets.
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