Wednesday, October 28, 2026
The Nigerian naira traded at around ₦1,353 per US dollar in the official foreign exchange market, while the British pound and euro continued to exchange at higher rates against the local currency.
Figures published for Tuesday, October 27, showed the dollar’s official Nigerian Foreign Exchange Market (NFEM) closing rate at approximately ₦1,352.37, with the selling rate at ₦1,352.87.
In the parallel market, the dollar was quoted at approximately ₦1,370 to buy and ₦1,385 to sell on Wednesday, although rates vary by location and Bureau de Change operator.
Exchange Rates for Wednesday, October 28
- US Dollar: ₦1,352.87 official market; ₦1,385 parallel-market selling rate.
- British Pound: ₦1,803.24 official market; ₦1,860 parallel-market selling rate.
- Euro: ₦1,508.58 official market; ₦1,580 parallel-market selling rate.
Factors Influencing the Naira
The naira’s performance continues to depend on foreign exchange supply and demand, crude oil earnings, foreign investment inflows and demand for dollars to pay for imports and other international transactions. Market reports have also identified seasonal import demand and investor profit-taking as sources of pressure on the currency.
Despite fluctuations in the official market, the difference between official and parallel-market rates remains an important indicator for businesses and individuals seeking foreign currency.
The latest figures underline the importance of monitoring daily exchange-rate movements as importers, travellers, students and businesses calculate the cost of foreign payments.
Note: Official rates are reference figures, not guaranteed transaction prices. Confirm the applicable rate with your bank or licensed Bureau de Change operator before exchanging money.
