The naira traded at ₦1,390 per dollar on the parallel foreign exchange market on Wednesday, October 28, 2026, while the official market recorded exchange rates between ₦1,341.31 and ₦1,352.87 per dollar.
Key Highlights
- Naira trades at ₦1,390/$ on the parallel (black) market.
- Official market rate ranges between ₦1,341.31 and ₦1,352.87 per dollar.
- Demand for import bills and international payments drives trading at NFEM.
- CBN inflows and other dollar supplies help ease pressure on the naira.
- Analysts expect the market to stay relatively steady in the near term.
The parallel market rate remained higher than the official exchange rate, reflecting differences in dollar supply and demand across Nigeria’s foreign exchange market.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira recorded moderate fluctuations as commercial banks and institutional investors carried out transactions to meet their foreign currency requirements.
Demand for dollars to settle import bills, facilitate international payments and support capital transfers continued to influence trading activities.
However, the official market maintained a relatively narrow exchange rate range during the trading session.
Foreign exchange inflows from the Central Bank of Nigeria (CBN), alongside dollar supplies from other sources, have helped ease pressure on the naira, the report stated.
The country’s foreign exchange reserves and monetary policy measures have also been identified as factors supporting the currency’s performance.
Read also:
- Naira to Dollar Exchange Rate Today, Tuesday, October 27, 2026
- Naira to Dollar Exchange Rate Today, October 23, 2026: Official, Black Market Rates
- Naira to Dollar Exchange Rate Today, October 22, 2026: Official Rate at ₦1,331.45, Black Market at ₦1,375
Market Outlook
Financial analysts expect the foreign exchange market to remain relatively steady in the near term, provided dollar supply and demand remain balanced.
However, seasonal demand, commercial transactions and the availability of foreign currency are expected to influence exchange rate movements in the coming days.
For individuals and businesses seeking to exchange dollars, rates may vary depending on the location, dealer and transaction size.
The official exchange rate also differs from the parallel market rate, meaning customers may receive different quotations depending on the foreign exchange channel they use.
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