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FOREIGN EXCHANGE MARKET
Nigeria’s net foreign reserves have risen to $46 billion, while stability in the foreign exchange market is helping to strengthen investor confidence, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said.
The Nigerian currency continued its bullish trend against the British pound due to Nigeria's strengthening economic fundamentals.
The naira weakened to N1,332.75/$ 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.
The naira closed at N1,331.50 per dollar on October 6, 2026, as foreign exchange market activity remained volatile at the start of October.
The naira closed at N1,332.90 per dollar on October 5, 2026, as foreign exchange activity remained mixed at the start of the new trading month.
Nigeria's foreign exchange market recorded a sharp pullback in trading activity in the week ended October 2, 2026, with total turnover across.
The Naira surpassed a key resistance level against the Euro as the European currency declined to its lowest point since May 2025 against the US dollar.
The British Pound’s last bargain was at N1,767/£1 against the naira as it maintained its bullish momentum against the British currency in the CBN's post-cut era.
Interbank foreign exchange turnover jumped 123% to $179.58 million on September 30, 2026, as the naira strengthened to N1,329.50/$ at the Nigerian Foreign Exchange Market (NFEM).
Turnover on the Nigerian Foreign Exchange Market (NFEM) plunged to $196.7 million on Monday, September 28, 2026, its lowest level in seven weeks, according to Central Bank of Nigeria (CBN) data.
The Naira recorded its first depreciation in more than a week, closing at N1,469/$1 on Friday, October 3, 2025.
If you exchanged your Naira for USD in September 2024 and held it, the $1, when converted back to Naira, would be worth 11.12% less; The Naira has strengthened.