Naira Slips to N1,382 per Dollar in Parallel Trading

The local currency weakened slightly against the dollar as demand for cash transactions persisted across major Bureau De Change markets

The Naira slipped to N1,382 per dollar in parallel trading, with the US dollar quoted at approximately N1,375 for buying and N1,390 for selling on Friday, October 2, 2026 .

Parallel Market Rates

The parallel market rate continues to trade above the official level, reflecting the persistent difference between formal and street-level foreign exchange pricing. Based on the N1,390 parallel selling rate and the N1,329.16 official reference rate, the gap between both markets stands at approximately N60.84 per dollar .

This means $100 would cost about N139,000 at the parallel selling rate, compared with roughly N132,916 at the official rate . On a $1,000 transaction, the difference amounts to more than N60,000 depending on which market is used.

Official Market

The Naira remained relatively stable in the official Nigerian Foreign Exchange Market (NFEM) on Friday. The dollar traded at approximately N1,328.17, while the Central Bank of Nigeria reference rate stood at N1,329.16 per dollar .

The naira moved only about N2 over three sessions in the official market, hovering in a tight band around the N1,300-per-dollar mark .

Market Context

Currency traders reported steady demand for cash transactions, keeping the parallel market premium over the official rate within a familiar range as market participants balance localized liquidity needs against broader macroeconomic indicators .

Market rates can vary by location, dealer, and transaction size, particularly in the parallel market, meaning individual buyers and sellers may encounter slightly different quotations . The parallel-market figures remain particularly relevant for individuals and businesses sourcing physical US dollars outside the official banking system .