The naira maintained relative stability against the United States dollar on Friday, October 16, 2026, trading at about N1,331.09 per dollar in the official foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency sustaining steady trading during early morning transactions, supported by foreign exchange liquidity and the country’s external reserves.
In the parallel market, currency dealers in major commercial centres, including Lagos and Abuja, quoted buying rates between N1,355 and N1,365 per dollar.
Selling rates ranged from N1,375 to N1,390 per dollar, reflecting a relatively narrow gap between the official and informal markets.
Market analysts attributed the stability in the exchange-rate spread to moderated speculative activity and steady foreign exchange inflows.
The naira’s performance across both market segments suggests that exchange-rate conditions remained relatively stable at the start of trading on Friday.
