The Nigerian naira opened the new trading week relatively stable against the United States dollar across both official and parallel foreign exchange markets on Monday, October 5, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the dollar was quoted at approximately ₦1,327.08, reflecting a steady baseline supported by improved market liquidity and higher turnover. Meanwhile, parallel-market traders quoted the dollar within a range of ₦1,370 to ₦1,390, maintaining a relatively narrow gap between formal and informal FX pricing compared to historical market dislocations.
The relative stability in the official window has been underpinned by recent improvements in foreign reserves and ongoing monetary policy measures by the Central Bank of Nigeria (CBN), which have helped curb sharp exchange rate fluctuations. BuyMaps
The contained premium in the parallel market ranging roughly between ₦43 and ₦63 above the official rate indicates that increased transparency and liquidity in formal channels are continuing to draw routine transactions away from the street market.
For businesses, manufacturers, and importers relying on foreign exchange for international trade, this currency stability offers much-needed predictability for cost planning.
Analysts note that the trajectory of the naira in upcoming trading sessions will hinge on sustained foreign reserve buffers, persistent dollar demand, and broader macroeconomic interventions by the monetary authorities.