Naira slips to N1,332.75/$ as NFEM turnover hits $1.01 billion

The naira weakened to N1,332.75/$ at the Nigerian Foreign Exchange Market (NFEM) on October 7, 2026, after closing at N1,331.50/$ a day earlier, while NFEM turnover crossed $1 billion.

Data from the Central Bank of Nigeria (CBN) showed that the currency traded between N1,330.50/$ and N1,332.99/$ on October 7, with a weighted average rate of N1,331.7679/$.

The latest movement came as foreign exchange activity remained elevated in early October, with NFEM turnover rising sharply to $1.014 billion on October 6 from $619.22 million the previous trading day.

Naira slips to N1,332.75/$

Despite the modest decline at the close of trading on October 7, the latest rate remained within the range seen in recent sessions.

The CBN had yet to report the total NFEM deals for October 7 at the time of filing this report, while 83 interbank deals were recorded, with a turnover of $72.48 million.

• The currency opened and traded within a range of N1,330.50/$ to N1,332.99/$ during the session.
• The weighted average rate stood at N1,331.7679/$, while the simple average was N1,331.9102/$.
• On October 6, the naira closed at N1,331.50/$ after trading between N1,330/$ and N1,333/$.
• The October 6 session recorded 348 NFEM deals and 147 interbank deals.

The latest closing rate leaves the naira broadly within the N1,330/$ range that has characterised much of the market in recent weeks.

NFEM turnover crosses $1 billion

Foreign exchange activity increased significantly on October 6, when NFEM turnover reached $1.014 billion, compared with $619.22 million on October 5 and $569.80 million on October 2.

The October 6 figure was the highest reported NFEM turnover in the supplied October data and came alongside an increase in the number of recorded NFEM deals.

• NFEM turnover stood at $1.014 billion on October 6, while interbank turnover was $313.55 million.
• October 5 recorded NFEM turnover of $619.22 million and interbank turnover of $72.12 million.
• October 2 recorded NFEM turnover of $569.80 million, with interbank turnover of $154.02 million.
• For comparison, NFEM turnover was $537.97 million on September 30 and $530.44 million on September 29.

The data show that trading activity has remained uneven, with daily turnover fluctuating significantly even as the naira has traded around the N1,330/$ level.

Nigeria’s reserves strengthen external position

Nairametrics earlier reported that the World Bank raised Nigeria’s 2026 economic growth forecast to 4.3% from 4.0% in 2025, with growth projected at 4.4% annually in 2027 and 2028.

• Nairametrics also reported that Nigeria’s gross foreign exchange reserves rose by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, extending the upward trend in the country’s external liquidity.
• The reserve level was above the CBN’s projected 2026 year-end level of approximately $51.04 billion.
• The increase in reserves represents a stronger external liquidity position for the country.

The World Bank’s higher growth forecast points to continued improvement in economic activity.