The Nigerian naira traded around ₦1,334 per dollar in the official foreign exchange market on Tuesday, October 20, 2026, as market participants continued to monitor currency movements, foreign exchange supply and demand.
Data published by the Central Bank of Nigeria (CBN) showed that the official exchange rate stood at approximately ₦1,333.72 per dollar on Monday, October 19, compared with ₦1,332.25 recorded on Friday, October 16, indicating a slight depreciation of the naira.
According to market data published on Tuesday, the dollar was quoted at approximately ₦1,333.75 on the official market, although rates may vary across authorised dealers and trading platforms.
Dollar, Pound and Euro Exchange Rates
The latest available official-market figures for Tuesday showed the following indicative exchange rates:
- US dollar: Approximately ₦1,333–₦1,335
- British pound sterling: Approximately ₦1,777–₦1,778
- Euro: Approximately ₦1,496–₦1,497
- Chinese yuan: Approximately ₦199.50–₦199.65
The rates are indicative and may differ depending on whether a customer is buying or selling foreign currency, as well as the financial institution handling the transaction.
Parallel Market Rate
In the parallel market, commonly known as the black market, the dollar was reported to be trading at around ₦1,380 on Monday, October 19, although rates vary by location and dealer.
The difference between official and parallel-market rates remains an important indicator for businesses and individuals who depend on foreign currency for international payments, imports, travel and other transactions.
Factors Influencing the Naira
The naira’s performance continues to depend on the availability of foreign exchange, demand from importers and other businesses, foreign investment inflows, oil-related receipts and monetary policy measures.
A Reuters report published on October 15 noted that the naira had remained relatively steady, supported by CBN dollar sales and foreign inflows. The currency was quoted at around ₦1,329 per dollar on the official market at the time, while street-market trading stood near ₦1,375.
Market participants will continue to watch foreign exchange liquidity and the CBN’s interventions for signs of whether the naira can maintain relative stability in the coming days.
Outlook
The naira’s slight movement against the dollar highlights the importance of monitoring daily exchange-rate changes. A sustained improvement in foreign currency supply could help support stability, while increased demand for dollars could put renewed pressure on the local currency.
Importers, travellers, investors and other foreign exchange users are advised to confirm prevailing rates with authorised dealers before completing transactions, as quoted prices can change during the trading day.
