Naira holds near N1,333/$ as FX turnover swings

The naira traded near N1,333 per dollar on Monday, October 12, 2026, as reported turnover in the Nigerian Foreign Exchange Market (NFEM) fluctuated sharply across trading sessions.

Data from the Central Bank of Nigeria (CBN) showed that the currency closed at N1,332.99 per dollar on October 12, compared with N1,332.49 on October 9, representing a depreciation of 50 kobo.

The exchange rate remained within a relatively narrow range during the early October sessions, while foreign exchange reserves continued to rise, providing further context for developments in the market.

The naira traded within a narrow range during the first two weeks of October, with its closing rate fluctuating around N1,330 to N1,334 per dollar.

On October 8, the currency closed at N1,333.55 per dollar before appreciating to N1,332.49 on October 9. It then weakened slightly in the next reported session, closing at N1,332.99 on October 12.

The CBN data showed the following closing rates during the period:

The latest rate reflects a modest depreciation from the previous reported session, with the naira continuing to trade around the N1,333 level.

Reported foreign exchange turnover varied considerably across the early October trading sessions, with some days recording substantially higher activity than others.

The supplied CBN data showed NFEM turnover of approximately N1.21 billion on October 8 and N1.01 billion on October 6. Turnover declined to about N311.13 million on October 7 and N488.65 million on October 9.

The figures point to uneven trading activity across the period. However, the October 12 entry records zero NFEM turnover, so it should not be treated as evidence of a complete absence of foreign exchange transactions across the broader market.

Nigeria’s foreign exchange reserves rose by approximately $115 million in six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September, according to a previous Nairametrics report.

These reserve gains provide further context for developments in the foreign exchange market, although the latest daily exchange-rate data show the naira trading close to N1,333 per dollar.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Dollar trading in Nigeria nearly doubles to $3.37 billion in one week

Naira likely to break below N1,300/$ amid high FX supply

Dangote Group projects naira at N1,330/$ by year-end, N1,385/$ average for 2026