Naira Strengthens Against Major Currencies on October 15

On October 15, 2026, the naira appreciated against the US dollar, pound sterling, and euro in the official foreign exchange market. It closed at N1,331.61/$1, gaining 98 kobo or 0.07% from the previous day's rate of N1,332.59/$1.

Against the pound sterling, the naira appreciated by N1.29 to close at N1,764.26/£1, compared to N1,765.55/£1 the day before. The local currency also gained N1.09 against the euro, settling at N1,490.48/€1, up from N1,491.57/€1.

Despite these gains, the naira remained stable at the parallel market, where the dollar traded at N1,358. Foreign portfolio investors, along with non-bank corporates, exporters, and importers, contributed to dollar supply.

However, interbank foreign exchange turnover fell by 58.9% to $201.56 million from $490.86 million in the previous session, indicating a significant decline in trading activity, with the number of transactions dropping to 128 from 179.