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NAIRA EXCHANGE RATE
News and stories about Naira exchange rate
Nigeria's gold prices are steady at N178K per gram despite a strengthening Nigerian currency and the US central bank's hawkish tilt. Gold sellers in the main gold markets in Nigeria, Lagos, Kano, and Abuja, usually charge a domestic premium of 5%–10% above the spot rate.
The naira traded near N1,333 per dollar on Monday, October 12, 2026, as reported turnover in the Nigerian Foreign Exchange Market (NFEM) fluctuated sharply across trading sessions.
The value of dollars traded in Nigeria’s foreign exchange market nearly doubled to $3.37 billion in the week ended October 9, 2026, from $1.70 billion the previous week, marking a sharp recovery in trading activity.
Nigeria’s foreign exchange reserves rose by approximately $115 million in six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September.
A strong US dollar, elevated global interest rates and heavy external debt are putting pressure on African currencies and limiting governments’ capacity to finance development, even as the continent’s economy remains resilient.
The naira is projected to trade at around N1,330 per dollar in the fourth quarter of 2026, with a full-year average of about N1,385/$, as rising foreign reserves, returning portfolio inflows and lower fuel import requirements support the currency.
The naira weakened further on Tuesday, closing at N1,493.2 per dollar in the official market, following the conclusion of the 302nd Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).
The naira experienced a significant rebound this week across both the official and parallel foreign exchange (FX) markets.
The naira is making steady progress in the foreign exchange market, appreciating toward a key monthly support level at N1,440 as it benefits from broad dollar weakness.
The Nigerian naira surged to a five-month high of N1,497.5/$ at the first trading session of the week in the official market., supported by better foreign exchange (FX) liquidity and less demand pressure.
Naira maintained its upward trend, closing at N1,500.91 against the American dollar on the Nigerian Foreign Exchange Market.
The naira took advantage of the situation in the European Union as it strengthened against the Euro amid the ongoing socio-economic crisis in France.