The naira strengthened against the US dollar at the official foreign exchange market but weakened further on the parallel market on Tuesday, October 27, 2026, reflecting divergent movements across Nigeria’s currency markets.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira appreciated to N1,365 per dollar on Monday, October 26, from N1,370 on Friday, October 23, according to Central Bank of Nigeria (CBN) data. The N5 gain represented a 0.37% appreciation over the period, indicating a stronger performance at the official window.
However, the currency moved in the opposite direction on the parallel market, where Bureau de Change (BDC) operators quoted the dollar at N1,385 on Tuesday, up from N1,380 the previous day.
The N5 increase in the dollar rate represented a 0.36% depreciation of the naira, highlighting the continued divergence between the official and parallel foreign exchange markets.
The spread between the reported official rate of N1,365 per dollar and the parallel market quote of N1,385 stood at N20 per dollar.
The British pound rose to N1,844 on Tuesday from N1,842 previously, representing a N2 increase, or 0.11% while the Euro declined to N1,543 from N1,546, a decrease of N3, equivalent to 0.19%. The Canadian dollar increased to N988 from N984, gaining N4, or 0.40%.
