Naira Trades at ₦1,346.51/$1 Officially as Dollar Sells for ₦1,430 on Parallel Market

The naira recorded modest movements against the United States dollar across Nigeria’s official and parallel foreign exchange markets on Tuesday, November 10, 2026, as demand for foreign currency continued to influence trading activities.

At the Nigerian Foreign Exchange Market (NFEM), the dollar traded at an average rate of ₦1,346.51. Early transactions saw the exchange rate fluctuate between ₦1,343.35 and ₦1,347.32, indicating relatively narrow movements in the official market.

In the parallel market, the dollar exchanged between ₦1,410 and ₦1,430, depending on the location and currency dealer. The difference between the official and parallel market rates represented a premium of approximately ₦64 to ₦83 per dollar.

Financial analysts attributed the gap partly to demand from small-scale importers and individuals seeking quicker access to foreign currency outside conventional banking channels.

The parallel market continues to serve some retail buyers who face challenges accessing foreign exchange through official banking channels, although rates vary among dealers and locations.

Market conditions are also influenced by the Central Bank of Nigeria’s foreign exchange management measures, the country’s foreign reserve position and the settlement of international trade obligations.

Despite the relatively narrow movements recorded in the official market, the persistent difference between official and parallel market rates highlights continuing pressure in Nigeria’s foreign exchange market.