By Omotayo Edubi
The naira recorded mixed performance against the US dollar on Wednesday, October 7, 2026, strengthening at the official foreign exchange market while weakening in the parallel market as exchange-rate movements continued to reflect changing dollar demand and liquidity conditions.
Key Highlights
- The dollar traded at about ₦1,362 in the parallel market on Wednesday.
- The naira weakened by ₦5 in the parallel market from ₦1,357 recorded on Tuesday.
- At the official Nigerian Foreign Exchange Market (NFEM), the naira strengthened to ₦1,331.50 per dollar.
- The official rate improved from ₦1,332.90 recorded in the previous trading session.
- The gap between the official and parallel-market rates widened to ₦30.50 per dollar.
- NFEM interbank turnover surged by 334.8 per cent to $313.6 million.
Dollar to Naira Rate Today
The US dollar was quoted at approximately ₦1,362 in the parallel market on Wednesday, October 7, compared with ₦1,357 recorded on Tuesday.
The movement represents a ₦5 decline in the value of the naira against the dollar in the parallel market.
However, rates in the parallel market can vary depending on the location of the dealer, transaction size and prevailing demand and supply conditions.
Official Naira-Dollar Exchange Rate
At the official foreign exchange market, the naira appreciated to ₦1,331.50 per US dollar, compared with ₦1,332.90 recorded during the previous trading session.
The movement represents a ₦1.40 appreciation by the naira at the official market.
The contrasting movements between the official and parallel markets resulted in a wider gap between the two exchange rates.
Official and Parallel Market Rate Gap Widens
The difference between the official NFEM rate and the parallel-market rate stood at ₦30.50 per dollar on Wednesday.
This compares with a gap of ₦24.10 per dollar recorded on Tuesday.
The wider spread highlights the differing conditions across Nigeria’s foreign exchange market, where dollar availability and demand can influence rates at different trading windows.
NFEM Forex Turnover Rises 334.8%
The latest exchange-rate movement came amid a sharp increase in activity at the official foreign exchange market.
NFEM interbank turnover rose by 334.8 per cent to $313.6 million, compared with $72.12 million recorded during the previous trading session.
The substantial increase in turnover indicates significantly higher activity in the official foreign exchange market as businesses, investors and other market participants respond to changing dollar liquidity and demand conditions.
Read also:
- Dollar To Naira Exchange Rate Today, October 6, 2026: Naira Gains At Parallel Market
- Naira Holds Steady As Dollar Trades At ₦1,375 On Parallel Market
- Naira To Dollar Exchange Rate Today: Naira Gains To N1,370/$
What the Exchange Rate Means for Nigerians
Despite the appreciation recorded at the official window, the parallel-market dollar rate remained higher at approximately ₦1,362.
The difference between the two rates remains relevant to importers, travellers, businesses with foreign-currency obligations and other Nigerians who require access to US dollars.
As of October 7, 2026, the dollar therefore trades at approximately ₦1,362 in the parallel market, while the latest official NFEM rate stands at ₦1,331.50 per dollar.
The naira’s mixed performance continues to highlight the influence of foreign exchange liquidity, dollar demand and market activity on Nigeria’s currency market.
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