The naira depreciated against the dollar in the parallel market on Wednesday, October 7, 2026, but appreciated at the Nigerian Foreign Exchange Market (NFEM).
latest market survey showed that a dollar exchanged for about ₦1,362 in the parallel market, up from ₦1,357 recorded on Tuesday.
At the official NFEM window, the naira appreciated to ₦1,331.50 per dollar from ₦1,332.90 recorded in the previous session.
Data from the Central Bank of Nigeria (CBN) showed that the upward trajectory represented a ₦1.40 appreciation in the value of the naira at the official market.
The latest figures widened the gap between the official and parallel markets to ₦30.50 per dollar, up from ₦24.10 on Tuesday.
The development came as activity in the official foreign exchange market increased sharply. NFEM interbank turnover rose by 334.8 per cent to $313.6 million from $72.12 million in the previous session, according to the latest market data.
The parallel market rate, however, may vary depending on location, dealer and transaction size.
As of October 7, the dollar therefore sells for approximately ₦1,362 in the parallel market, while the latest NFEM rate stands at ₦1,331.50 per dollar.
Activities in both markets continue to reflect unpredictability of foreign exchange liquidity and demand as businesses, investors and consumers monitor developments in the naira market.
