The naira firmed marginally to N1,333.50 per dollar at the close of trading on Monday, 19 October 2026, from N1,334.20 recorded on Friday, 16 October, according to data published by the Central Bank of Nigeria (CBN). The shift represented a gain of N0.70 for the local currency.
During Monday's session, the naira traded within a range of N1,332.50 to N1,334.50. The weighted average exchange rate settled at N1,333.72, while the simple average stood at N1,333.76. Turnover data for the Nigerian Foreign Exchange Market (NFEM) were not available on the CBN website at the time of this report. The interbank segment recorded 59 deals with turnover of approximately N40.60 million.
Trading activity has been uneven in October. NFEM turnover stood at about N1.02 billion on 14 October, alongside interbank turnover of N490.86 million. By 16 October, NFEM turnover had fallen to roughly N837.31 million and interbank turnover to N258.46 million. The daily figures form part of a wider slowdown: the value of dollars traded in Nigeria's foreign exchange market declined by 22.23% to $2.62 billion in the week ended 16 October 2026, from $3.37 billion in the preceding week, due to slower spot trading and a sharp drop in forward transactions.
For importers, manufacturers and tax-paying businesses, the exchange rate remains a central cost and revenue variable. Nairametrics' analysis of Financial Markets Dealers Association (FMDA) data showed that foreign exchange demand reached a 15-year high of $18.34 billion in the second quarter of 2026, driven by services and financial payments. Portfolio investment rose by 45% to $6.51 billion in the same period, pointing to stronger capital inflows.
Nigeria's external reserves gained $12.76 billion year-on-year to $54.61 billion as of 14 September 2026, above the CBN's projected year-end level of about $51.04 billion for 2026. Elevated dollar demand and improved reserve coverage continue to shape the outlook for the naira and for businesses exposed to exchange-rate movements.
