The naira recorded different movements against the United States dollar across Nigeria’s foreign exchange markets on Tuesday, October 6, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the local currency traded at about ₦1,332.90 to the dollar, compared with ₦1,332 recorded at the previous weekend’s close.
The latest figure means the naira weakened slightly at the official market, with the dollar gaining about 90 kobo.
In the parallel market, the naira moved in the opposite direction. The dollar exchanged for around ₦1,357 on Tuesday, improving from approximately ₦1,362 recorded during the weekend.
Dollar to Naira Exchange Rate Today
| Market | Dollar Rate | Previous Rate | Naira Movement |
|---|---|---|---|
| Official NFEM | ₦1,332.90/$1 | ₦1,332/$1 | Depreciated |
| Parallel Market | ₦1,357/$1 | ₦1,362/$1 | Appreciated |
The difference between the two markets consequently narrowed to about ₦24.10 per dollar, compared with roughly ₦30 during the weekend.
The Central Bank of Nigeria (CBN) uses a volume-weighted average to determine the NFEM rate, which serves as the official exchange rate for the day.
Parallel market rates, on the other hand, are determined outside the official window and may differ depending on the location, dealer and amount involved in a transaction.
For Nigerians looking to buy or sell dollars on Tuesday, the available figures put the official NFEM rate at approximately ₦1,332.90 per dollar, while the parallel market rate was around ₦1,357.
The latest movement shows that the naira weakened marginally at the official window while strengthening in the parallel market. The gap between both rates also reduced compared with the previous weekend.
Foreign exchange rates can change during trading as demand, supply and liquidity conditions shift across the market.
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