RismadarVoice Reporters
October 23, 2026
The Nigerian naira remained under pressure against the United States dollar on Friday, October 23, amid continued demand for foreign exchange from importers and other market participants.
Early exchange-rate reports quoted the dollar at approximately ₦1,330.95 in the Nigerian Foreign Exchange Market (NFEM), although this figure had not been independently confirmed as the official rate for Friday.
The latest available market data showed that the naira had weakened in the preceding trading session, highlighting the importance of distinguishing preliminary quotations from officially published exchange rates.
In the parallel market, Bureau De Change operators and informal currency traders continued to quote higher dollar prices than those available through the official market.
Indicative reports placed parallel-market buying rates between ₦1,360 and ₦1,365 per dollar, with selling rates ranging from ₦1,375 to ₦1,380.
These quotations may differ between Lagos, Abuja and other commercial centres, depending on transaction size, currency availability and the dealer involved.
At the reported preliminary official-market quotation of ₦1,330.95, exchanging $100 would produce approximately ₦133,095 before charges.
However, purchasing the same $100 at a parallel-market selling rate of ₦1,380 would cost ₦138,000.
The difference reflects the premium typically charged in the informal foreign exchange market.
Recent market pressure has been linked to increased demand for dollars by importers and profit-taking by some foreign investors.
Foreign currency inflows from diaspora remittances and portfolio investments also influence liquidity, although their effect depends on prevailing market conditions.
Analysts continue to monitor foreign exchange demand, investor activity and Central Bank of Nigeria policies for indications of the naira’s direction.
Market participants are advised to confirm prevailing rates with authorised financial institutions or licensed currency dealers before completing transactions.
The figures quoted for Friday remain indicative and should not be interpreted as the Central Bank’s final official closing rate for October 23.
