Naira to Dollar exchange rate today, Friday, October 16, 2026
The Nigerian naira remained relatively stable against the United States dollar on Friday, October 16, 2026, with the currency trading at about ₦1,331.09 per dollar in the official Nigerian Foreign Exchange Market (NFEM).
The latest movement indicates that the local currency has continued to hold within a relatively narrow range despite ongoing fluctuations in foreign exchange demand and supply.
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Naira holds steady at official market
Early trading data from the NFEM placed the naira at approximately ₦1,331.09 to the dollar during morning spot transactions.
Market activity remained largely within a stable range, with foreign exchange liquidity helping to support trading conditions.
The availability of dollar supply, alongside the Central Bank of Nigeria’s interventions, has continued to provide some support for the naira.
Nigeria’s external reserves have also remained an important factor in maintaining confidence in the foreign exchange market, as stronger reserve buffers give the authorities greater capacity to manage periods of heightened demand.
Parallel market records narrow spread
The naira also maintained relative stability in the parallel market, where Bureau De Change operators and other currency dealers in major commercial centres, including Lagos and Abuja, quoted buying rates between ₦1,355 and ₦1,365 per dollar.
Selling rates were reported between ₦1,375 and ₦1,390 per dollar, depending on the location and individual dealer.
The figures suggest that the gap between the official and parallel markets has remained relatively narrow compared with periods when significant disparities between the two segments fuelled arbitrage and speculative activity.
Analysts point to steady FX inflows
Market analysts have linked the current stability to a combination of steady foreign exchange inflows, improved liquidity and moderated speculative demand.
According to the assessment, reduced pressure from speculative traders has helped limit sharp movements in the exchange rate, while the availability of foreign currency has provided some balance between demand and supply.
However, traders are expected to continue monitoring dollar demand, foreign exchange inflows and Central Bank interventions for indications of the naira’s direction in the coming days.