The naira ended the week on Friday, October 16, 2026, almost unchanged at the official foreign exchange market, while the dollar sold for ₦1,370 in the parallel market. The narrow movement kept the gap between the two markets at about ₦38 per dollar, offering little change in foreign exchange costs for businesses and individuals.
Proshare Research, in its report What to Expect from the Markets this Week – 191026, published on Saturday, October 17, reported that the naira closed at ₦1,332.26 per dollar at the official market, while the parallel-market rate stood at ₦1,370.
The official rate was 65 kobo weaker than Thursday’s ₦1,331.61, ending two consecutive days of gains.The Friday rate was also close to the ₦1,331.19 recorded on Friday, October 9, according to Central Bank of Nigeria (CBN) data cited by Nairametrics in a report published on Tuesday, October 13.
During the week, the naira opened at about ₦1,332.10 per dollar on Monday, October 12, before weakening to ₦1,332.97 on Tuesday, October 13.
It recovered to ₦1,332.59 on Wednesday and strengthened further to ₦1,331.61 on Thursday, before losing some ground on Friday.
The figures represent rates at the Nigerian Foreign Exchange Market (NFEM), where the reported rate is based on the volume-weighted average of transactions. They should not be confused with individual end-of-day closing quotes. Nigerian Tribune, for instance, reported a closing rate of ₦1,335.50 per dollar on Tuesday, October 13.
The relatively narrow movement during the week showed that the official exchange rate remained broadly stable, without a significant gain or loss.
In the parallel market, the dollar traded at varying prices depending on the dealer and the time of the transaction. Okay News, in its weekly exchange-rate report published on Friday, October 16, recorded a dollar buying quote of ₦1,360 and a selling quote of ₦1,370 in its latest observation at 3:45 p.m.
The publication’s daily observations showed that the dollar’s selling price ranged from ₦1,370 to ₦1,385 during the week. These figures reflect its reported quotations and do not represent a uniform rate across all dealers.
Using Proshare’s reported rates, the difference between the parallel-market selling price of ₦1,370 and the official rate of ₦1,332.26 was ₦37.74 per dollar, equivalent to approximately 2.83% of the official rate.
For importers paying overseas suppliers, students covering foreign tuition fees and travellers buying dollars, the difference remains an important consideration. Even when the official rate changes only slightly, the cost of obtaining foreign currency can vary depending on the market through which it is purchased.
