Naira Depreciates to ₦1,367.61 Amid Foreign Exchange Challenges

On October 26, 2026, the Nigerian naira weakened to ₦1,367.61 per dollar, a decline from ₦1,361.84 at the previous week's close, marking a depreciation of ₦5.77. This decline occurred despite Nigeria's foreign reserves standing at $55.2 billion and elevated global crude oil prices.

The Central Bank of Nigeria (CBN) indicated that the dollar traded within a range of ₦1,359 to ₦1,380 during the session, an improvement from the prior week's high of ₦1,395. Analysts attributed the naira's depreciation to increased demand for foreign currency for international obligations and reduced inflows from foreign portfolio investors.

Additionally, there was a notable slowdown in foreign exchange activity, with interbank turnover dropping to $614.25 million from $1.01 billion, and the number of transactions decreasing from 315 to 201, reflecting reduced trading activity among authorized market participants.