The Nigerian naira traded at an average of ₦1,346.51 per dollar in the official foreign exchange market on Tuesday, November 10, 2026, while the United States currency exchanged for as much as ₦1,430 in the parallel market.
The latest exchange rate figures showed a relatively narrow trading range at the Nigerian Foreign Exchange Market (NFEM), even as the dollar maintained higher rates among informal currency dealers amid continued demand for foreign exchange.
At the official market, the dollar traded between **₦1,343.35 and ₦1,347.32**, with an average rate of ₦1,346.51.
In the parallel market, commonly known as the black market, currency dealers bought and sold the dollar at rates ranging from **₦1,410 to ₦1,430**, depending on location and individual dealer.
The parallel market rates represented a premium of approximately ₦64 to ₦83 per dollar above the official NFEM average, reflecting the persistent difference between the two foreign exchange markets.
Financial analysts attributed the gap to continued demand from small-scale importers and individuals seeking immediate access to foreign currency outside primary banking channels.
They noted that the naira’s performance remains influenced by the Central Bank of Nigeria’s liquidity management, the country’s foreign reserve position and the regular settlement of foreign trade obligations.
Despite the relative stability recorded in the official market, the higher parallel market rates highlight the continued pressure from foreign exchange demand.
