Naira weakens to ₦1,334.99 as interbank turnover rises

By Boluwatife Oshadiya | October 21, 2026

The naira weakened slightly against the US dollar on Tuesday, October 20, closing at ₦1,334.99/$ as interbank foreign exchange turnover increased, according to Central Bank of Nigeria data reported by Nairametrics.

The closing rate represented a 0.11% depreciation from ₦1,333.50/$ in the previous session. The currency traded between ₦1,331.80 and ₦1,335.00, while its weighted-average rate stood at ₦1,333.65. The weighted-average figure should not be confused with the closing rate.

Interbank FX turnover rose to approximately $60.72 million from $40.60 million on Monday. The number of interbank deals reached 70. Nairametrics reported that the CBN had not released the full NFEM deal and turnover figures at the time of its initial reporting, so the interbank figures should be distinguished from total market activity.

The data indicate increased turnover at the interbank window, but turnover alone does not establish that dollar supply has improved across the wider market or that the naira is entering a sustained recovery.

The supplied market update also listed the naira at ₦1,784.69 per pound and ₦1,497.29 per euro in the official market. In the parallel market, it put the dollar at ₦1,370, the pound at ₦1,805 and the euro at ₦1,495. These cross-currency and parallel-market figures require separate confirmation before publication.

Nairametrics’ report, citing CBN data, put the official closing rate at ₦1,334.99/$ and the weighted-average rate at ₦1,333.65. Its figures provide a distinction between the session’s closing price and average rate.

The supplied material contains no verified direct quotation from the CBN or an independent currency analyst. A direct quote should not be added without checking the original statement or obtaining a comment.

The Bottom Line: Higher interbank turnover is a useful measure of activity, but it is not proof of sustained naira strength. The closing rate, dollar availability and the spread between official and parallel markets will provide a clearer picture of currency conditions.

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