RismadarVoice Reporters
October 16, 2026
The Nigerian naira was quoted at approximately ₦1,331.09 against the United States dollar in the official foreign exchange market on Friday, October 16, 2026, while parallel market dealers reportedly offered dollars at rates reaching ₦1,390.
Indicative figures for the Nigerian Foreign Exchange Market (NFEM) placed the official exchange rate at ₦1,331.09 per dollar during early trading.
In the parallel market, dealers in major commercial centres, including Lagos and Abuja, reportedly bought dollars at rates ranging from ₦1,355 to ₦1,365 and sold them between ₦1,375 and ₦1,390.
Dollar to Naira Exchange Rates — October 16, 2026
Market| Exchange rate
Official market (NFEM)| ₦1,331.09/$1
Parallel market buying| ₦1,355–₦1,365/$1
Parallel market selling| ₦1,375–₦1,390/$1
The figures are indicative quotations and may differ according to the dealer, transaction size and time of exchange.
Based on the supplied figures, the difference between the official rate and parallel market selling quotations ranged from approximately ₦43.91 to ₦58.91 per dollar.
The reported rates suggest a relatively limited gap between the two market segments, although a single day’s quotations are insufficient to establish a sustained trend in the naira’s performance.
Nigeria’s foreign exchange market remains sensitive to changes in dollar supply, import demand, foreign investment flows, external reserves and monetary policy.
Crude oil earnings also play an important role in the country’s foreign currency supply, while access to dollars through authorised financial institutions can influence demand in the parallel market.
Although foreign exchange interventions and improved liquidity can help moderate exchange rate fluctuations, the extent to which these factors influenced Friday’s quotations has not been independently established.
Businesses, importers and individuals conducting foreign currency transactions are encouraged to confirm prevailing rates with authorised dealers, as exchange rates can change during the trading day.
The quoted figures represent an indicative market snapshot rather than a confirmed official closing rate.
