On Wednesday, 28 October 2026, the Nigerian naira maintained its footing against the United States dollar across both the official and parallel foreign‑exchange markets, with the currency’s value showing only modest movement despite ongoing market pressures. The stability is credited to continued liquidity support from the Central Bank of Nigeria and persistent foreign‑currency inflows from independent channels.
What were the official market rates?
In the regulated Nigerian Foreign Exchange Market, the naira traded within a narrow band of roughly 1,341.31 to 1,352.87 per dollar. Spot‑market activity displayed limited intra‑day swings as commercial banks and institutional buyers met forex demand for import invoices and capital remittances, reflecting the tight corridor set by the central bank’s refined operational framework.
How did the parallel market compare?
In the unofficial or “black” market, Bureau De Change operators and street traders in major cities such as Lagos, Abuja and Kano quoted buying prices close to 1,375 naira per dollar and selling prices near 1,390 naira per dollar. This kept the premium between the official window and the parallel market relatively slim.
Financial analysts say the calm market conditions stem from disciplined monetary policy, foreign‑exchange reserves that remain near key operational thresholds, and a balanced seasonal demand pattern. They note that the central bank’s ongoing liquidity injections have helped absorb regular commercial order flows, limiting volatility.
What can traders expect next?
Market participants anticipate that trading volumes will stay steady in the short term, with both the official and informal windows continuing to handle routine commercial transactions without major disruptions.
The naira’s resilience on 28 October underscores the effectiveness of recent policy measures and suggests that, barring unexpected shocks, the currency may continue to trade within a constrained range for the foreseeable future. The information was originally published by Vanguard News.