Naira gains N8 against dollar, biggest daily rise since August

The naira appreciated by N8 against the dollar on Tuesday, October 27, 2026, closing at N1,357/$ at the Nigerian Foreign Exchange Market (NFEM), its biggest daily gain since August.

Data from the Central Bank of Nigeria (CBN) showed that the currency strengthened from N1,365/$ on Monday to N1,357/$ on Tuesday, recovering some of its recent losses after trading at N1,370/$ on October 23.

The exchange rate fluctuated between N1,344 and N1,368.50 during Tuesday’s session, while the weighted average rate stood at N1,352.87/$.

Checks by Nairametrics show that on August 17, 2026, the naira appreciated by N8.25 against the dollar, strengthening from N1,358.25/$ on August 14 to close at N1,350/$.

Interbank turnover reaches N543.7 million

Trading data showed that interbank transactions recorded 197 deals, with a total turnover of approximately N543.74 million on Tuesday.

The simple average exchange rate was N1,355.83/$, while the session’s lowest rate was N1,344/$ and the highest was N1,368.50/$.

The latest appreciation follows a period of volatility in the second half of October, when the naira’s closing rate moved from N1,337/$ on October 21 to N1,365/$ on October 22 and N1,370/$ on October 23, before strengthening to N1,365/$ on October 26.

Naira trades at N1,380–N1,385/$ in parallel market

In the parallel market, the naira traded between N1,380 and N1,385 per dollar on Tuesday, according to information provided by Bureau De Change (BDC) operators in Abuja.

• On Monday, the currency traded at around N1,385/$ in the same market, indicating a modest improvement in the parallel-market rate.
• The gap between the official and parallel-market rates remained, with the dollar trading at a premium in the parallel market.
• One BDC operator Adamu Isha’q explained this saying that rates in the informal market could fluctuate depending on customer demand and the availability of foreign currency.

“Demand and supply determine the rate we give customers. When dollar demand is high and supply is limited, the rate goes up. If more dollars are available and demand eases, the rate can come down,” the operator said.

Foreign reserves remain above $55 billion

Nigeria’s foreign reserves have crossed $55 billion, reaching their highest level in more than 18 years, according to the Central Bank of Nigeria, as previously reported by Nairametrics.

• The latest reserve position has surpassed the CBN’s earlier projection of approximately $51.04 billion for the end of 2026.
• Higher foreign reserves provide a stronger external buffer, although movements in the naira also depend on foreign exchange supply and demand conditions in the market.
• Nairametrics earlier reported that the currency remains under pressure compared with its position at the start of October, although daily closing rates have fluctuated during the period.

Nairametrics also reported that total FX utilisation rose by 91.1% to $50.93 billion in 2025, its highest annual level since 2019. Invisible transactions accounted for $30.99 billion, while imports accounted for $19.94 billion.