Naira Holds Steady Against Dollar as Official Rate Trades at ₦1,346.05

The Nigerian naira maintained relatively stable trading conditions against the US dollar on Thursday, October 29, 2026, with rates across the official and parallel markets showing limited fluctuations.

Data cited for the Nigerian Foreign Exchange Market (NFEM) put the official exchange rate at approximately ₦1,346.05 to the dollar at the start of trading.

Activity in the spot market recorded moderate movements as commercial banks and corporate institutions processed foreign trade transactions, import bills and capital remittances.

The relative stability comes amid continued liquidity support and foreign exchange market interventions by the Central Bank of Nigeria, which are intended to reduce pressure on dollar demand.

Black Market Dollar Rate Today

In the parallel foreign exchange market, currency dealers and Bureau De Change operators in Lagos, Abuja and Kano quoted the dollar at about ₦1,375 for buying and ₦1,385 for selling.

These quotations placed the parallel market rate above the official NFEM level, although the gap between the two markets remained relatively small.

Rates may differ from one dealer to another and can change in response to local demand and available dollar supply.

Why the Exchange Rate Remains Stable

Analysts linked the naira’s relative stability to Nigeria’s external reserves, reported to be above $55 billion, alongside continued inflows from crude oil exports and remittances sent home by Nigerians living abroad.

These inflows are helping to provide foreign currency liquidity across the two market channels.

Market participants expect the naira to maintain relatively steady conditions during the day as routine commercial orders are processed, although exchange rate movements will depend on prevailing supply and demand.

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