Naira Gains Against Dollar and Euro, Weakens to Pound

On October 20, 2026, the naira marginally appreciated against the dollar at the official foreign exchange market, closing at N1,333.65/$1, a gain of 11 kobo from the previous session's N1,333.76/$1. This represented an appreciation of approximately 0.01%.

The naira also strengthened against the euro, closing at N1,497.29/€1, gaining 12 kobo from N1,497.41/€1. However, it depreciated against the British pound, closing at N1,784.69/£1, down N6.40 from N1,778.29/£1.

In the parallel market, the naira maintained its rate at N1,358/$1, with a flat rate of N1,340/$1 at the GTBank foreign exchange counter. The Central Bank of Nigeria reported a 48.18% increase in interbank trading to $60.715 million from $40.975 million, with the number of deals rising to 70 from 59.

The naira has appreciated nearly 8% against the dollar this year, ranking among the top 10 best-performing currencies globally. Deutsche Bank noted that Nigeria's external position is improving, which could attract more foreign investment.