By Quazeem Bukola Halimot
The Nigerian naira is reported to be trading within a relatively narrow range against the United States dollar in the official foreign exchange market, while the parallel market continues to record higher dollar rates.
As of Tuesday, October 13, 2026, the dollar is quoted at approximately ₦1,332.49 at the Nigerian Foreign Exchange Market (NFEM), according to the figures provided in the market report.
The reported official exchange rate reflects trading within a range of about ₦1,329 to ₦1,333 per dollar, indicating limited movement during the period under review.
Dollar Rate in the Parallel Market
Meanwhile, the parallel foreign exchange market continues to record higher rates, with Bureau De Change operators and street currency dealers reportedly quoting the dollar at different prices.
According to the supplied figures, the buying rate ranges between ₦1,365 and ₦1,370, while the selling rate stands between ₦1,375 and ₦1,390 per dollar.
The difference between the official and parallel market rates reflects continuing demand for foreign currency among individuals and businesses that require dollars for international transactions.
Common sources of demand include overseas school fees, foreign travel, importation of goods and other cross-border payments.
Factors Influencing the Naira
Developments in monetary policy, foreign exchange liquidity and the availability of foreign currency are among the factors that can influence the naira’s performance against the dollar.
The Central Bank of Nigeria’s foreign exchange management policies and the country’s external reserves may also affect market confidence and the supply of dollars.
However, exchange rates can fluctuate throughout the day, and the actual rate available to customers may differ depending on the financial institution, Bureau De Change operator, transaction size and applicable charges.
Dollar to Naira Exchange Rate Summary
– Official market: Approximately ₦1,332.49 per dollar.
– Parallel market buying rate: ₦1,365–₦1,370 per dollar.
– Parallel market selling rate: ₦1,375–₦1,390 per dollar.
Note: These figures are based on the information supplied for this report and have not been independently verified as live market quotations. Readers should confirm current rates with authorised financial institutions before making foreign exchange transactions.
