The naira recorded mixed movements against the US dollar on Friday, October 9, 2026, strengthening in the official foreign exchange market while weakening in the parallel market, as Nigeria’s external reserves rose above $55 billion.
In the Nigerian Foreign Exchange Market (NFEM), the naira appreciated to ₦1,332.49 per dollar from ₦1,333.55 on Thursday, October 8, according to data from the Central Bank of Nigeria (CBN) reported by Vanguard on October 9.
The movement represented a ₦1.06 gain for the local currency in the official market.
However, the naira weakened in the parallel market, where the dollar exchanged at ₦1,363 on Friday, compared with ₦1,360 the previous day, according to the same Vanguard report.
The difference between the official and parallel-market rates consequently widened to ₦30.51 per dollar, based on the reported Friday rates.
Nigeria’s external reserves provided a positive backdrop for the currency. Data published by FXMacroData showed that the country’s reserves reached approximately $55.07 billion on October 8, 2026, up from $55.05 billion previously.
Higher reserves can strengthen confidence in a country’s ability to meet foreign currency obligations and provide a buffer against external shocks. The CBN identifies maintaining confidence in exchange-rate management and supporting external payments as key objectives of reserve management.
Despite the naira’s modest gain in the official market, the parallel-market movement showed that exchange-rate conditions remained uneven across the two markets.
Analysts at Cowry Asset Management Plc, in their weekly financial market review cited by Vanguard on October 9, projected that the naira could remain under pressure in the coming week, although rising external reserves could provide support.
The currency’s performance in the coming sessions will depend partly on the availability of foreign exchange, market demand and the sustainability of reserve accumulation.
