Naira weakens to N1,334.99/$ as dollar falls in global markets

The naira weakened by 0.11% to close at N1,334.99 per dollar on Tuesday, October 20, 2026, from N1,333.50/$ in the previous session.

This is according to data on Central Bank of Nigeria’s (CBN) website on Tuesday.

The currency traded between N1,331.80 and N1,335.00, with a weighted average rate of N1,333.65.

At the time of reporting, the CBN had not released Tuesday’s deal and turnover figures for the Nigerian Foreign Exchange Market (NFEM).

Interbank market records 70 deals

CBN data showed that the interbank market recorded 70 deals, with turnover of approximately N60.72 million on Tuesday.

• The simple average exchange rate stood at N1,333.59.
• On Monday, NFEM recorded 230 deals and turnover of about N331.31 million.
• Interbank turnover on Monday was approximately N40.60 million, compared with N60.72 million on Tuesday.

The figures show differences in reported activity across the two sessions, although the absence of Tuesday’s NFEM data limits a full comparison of market turnover.

Foreign reserves and investment flows

Nigeria’s external position has been supported by higher portfolio investment and foreign reserves, according to previous Nairametrics reports.

Nigeria’s portfolio investment rose by 45% to $6.51 billion in the second quarter of 2026.

Separately, the country’s foreign reserves increased by $12.76 billion year-on-year to $54.61 billion as of September 14, 2026, according to a Nairametrics report.

The reserve level was above the CBN’s projected year-end figure of approximately $51.04 billion for 2026, a projection reported by Nairametrics in December 2025.

These figures provide context for Nigeria’s external liquidity but do not, on their own, establish a direct link between reserve growth, portfolio investment and the naira’s daily exchange rate.

US dollar slips in global markets

The US dollar weakened in international markets on Tuesday as lower Treasury yields and crude oil prices reduced its appeal. According to Reuters, the dollar index fell by 0.25% to 101.71, reaching a three-week low, before stabilising at 101.78 on Wednesday.

• The Australian dollar rose 0.1% to $0.7013 on Wednesday, approaching a three-week high, after Reserve Bank of Australia Deputy Governor Andrew Hauser said the inflation outlook had worsened.
• Market attention was also turning to upcoming central bank policy decisions. Traders did not expect interest-rate changes from the US Federal Reserve, European Central Bank or Bank of Japan at their forthcoming meetings, while markets anticipated quarter-point rate increases from the Reserve Bank of New Zealand and Bank of Canada.
• The New Zealand dollar slipped 0.1% to $0.5677, while the Canadian dollar was steady at C$1.4064.

Also, global oil prices retreated from a five-month high on Tuesday as renewed diplomatic engagements between Iran and Pakistan raised hopes of easing tensions in the Middle East.

The dollar’s global movements provide wider market context, but they do not directly determine the naira’s daily performance against the US currency.