Naira Holds Steady Against Dollar As Black Market Rate Hits ₦1,385

The Nigerian naira traded at ₦1,346.05 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, October 29, 2026, while the United States dollar exchanged for approximately ₦1,385 in the parallel market.

According to Bush Radio Academy, the exchange rate movements occurred amid relatively steady trading conditions, as businesses, financial institutions and other market participants continued foreign currency transactions to support imports, international trade and capital transfers.

In the parallel market, Bureau De Change operators and currency dealers in Lagos, Abuja and Kano quoted the dollar at approximately ₦1,375 for buying and ₦1,385 for selling. These figures indicate that customers selling dollars could receive around ₦1,375 per dollar, while those purchasing the currency could pay approximately ₦1,385.

The difference between the official and parallel market rates remained relatively narrow, suggesting limited movement between the two foreign exchange channels during the period under review.

The Central Bank of Nigeria (CBN) has continued implementing measures aimed at improving liquidity and easing pressure on foreign exchange demand. These interventions are intended to strengthen dollar availability and reduce excessive fluctuations in the currency market.

Nigeria’s external reserves, reportedly above $55 billion, have also been identified as a factor supporting the naira’s performance. In addition, foreign exchange inflows from crude oil exports and remittances sent home by Nigerians living abroad have contributed to the supply of dollars within the economy.

Market participants expect exchange rate movements to remain relatively stable in the near term, although the naira’s performance will continue to depend on the balance between foreign currency supply and demand.

Developments in the official and parallel markets, changes in external reserves and the volume of foreign exchange inflows are also expected to influence the direction of the naira in the coming days.

However, the quoted rates may vary across locations and individual currency dealers. The Central Bank of Nigeria does not recognise the parallel market as its official exchange rate, and individuals and businesses seeking foreign currency are advised to approach authorised financial institutions for their transactions.