The Nigerian naira stayed reasonably steady versus the United States dollar on Friday, October 16, 2026, with the currency trading at about 1,331.09 per dollar in the main Nigerian Foreign Exchange Market (NFEM).
The most recent motion suggests that the regional currency has actually continued to hold within a reasonably narrow variety regardless of continuous variations in forex need and supply.
Naira holds stable at main market
Early trading information from the NFEM positioned the naira at around 1,331.09 to the dollar throughout early morning area deals.
Market activity stayed mostly within a steady variety, with forex liquidity assisting to support trading conditions.
The accessibility of dollar supply, together with the Central Bank of Nigeria’s interventions, has actually continued to supply some assistance for the naira.
Nigeria’s external reserves have actually likewise stayed an essential consider preserving self-confidence in the forex market, as more powerful reserve buffers provide the authorities higher capability to handle durations of increased need.
Parallel market records narrow spread
The naira likewise preserved relative stability in the parallel market, where Bureau De Change operators and other currency dealerships in significant industrial centres, consisting of Lagos and Abuja, priced quote purchasing rates in between 1,355 and 1,365 per dollar.
Offering rates were reported in between 1,375 and 1,390 per dollar, depending upon the place and specific dealership.
The figures recommend that the space in between the authorities and parallel markets has actually stayed fairly narrow compared to durations when considerable variations in between the 2 sections fuelled arbitrage and speculative activity.
Experts indicate consistent FX inflows
Market experts have actually connected the present stability to a mix of consistent forex inflows, enhanced liquidity and moderated speculative need.
According to the evaluation, lowered pressure from speculative traders has actually assisted restrict sharp motions in the currency exchange rate, while the schedule of foreign currency has actually supplied some balance in between need and supply.
Traders are anticipated to continue keeping an eye on dollar need, foreign exchange inflows and Central Bank interventions for indicators of the naira’s instructions in the coming days.
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