CBN Reports Naira Appreciation Amid Falling FX Turnover

On October 29, 2026, the Central Bank of Nigeria (CBN) announced that the naira closed at ₦1,346.9108 per dollar in the Nigerian Foreign Exchange Market (NFEM), showing an appreciation of approximately 0.05% from ₦1,347.5259 the previous day. This recovery followed a CBN intervention where $500 million was sold to commercial banks to enhance dollar liquidity.

Despite this improvement, foreign exchange turnover dropped significantly, with interbank dollar turnover falling to $54.051 million from $244.068 million, a decline of approximately 77.9%. The number of transactions also decreased from 151 to 74, indicating reduced market activity.

While the naira appreciated in the official market, it weakened in the parallel market, where the dollar was quoted at ₦1,390, up from ₦1,385, reflecting a depreciation of 0.36%. This divergence between official and unofficial rates underscores ongoing pressures in the currency market.