Naira Falls to N1,331.69/$1 as CBN Updates Rates

On October 5, 2026, the naira depreciated against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,331.69/$1, a decrease of N1.60 or 0.12% from N1,330.09/$1 in the previous session. The naira also weakened against the pound, closing at N1,759.83/£1, down 25 kobo from N1,759.58/£1.

However, it appreciated against the euro, closing at N1,492.16/€1, up N4.60 from N1,496.76/€1. In the parallel market, the naira maintained a rate of N1,338/$1.

FX turnover significantly dropped by 53.2% to $72.119 million from $154.021 million, although the number of deals increased from 70 to 103. Despite these fluctuations, businesses expressed optimism about the naira's potential for modest gains in the coming months, as indicated by the Central Bank of Nigeria's Business Expectations Survey for September 2026, which reported a Business Confidence Index of 13.4 points.