Naira Strengthens Against Dollar as Forex Turnover Surges

On October 6, 2026, the naira gained value against the US dollar in the official market, closing at N1,330.87 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM). This represented an improvement of 82 kobo from the previous session's rate of N1,331.69 per dollar, marking a 0.06% gain.

However, the naira weakened against other major currencies, closing at N1,767.14 per British pound and N1,498.03 per euro. In the parallel market, the naira remained stable at N1,370 per dollar.

Notably, trading volumes in the official market increased significantly, with NAFEM interbank forex turnover rising by 334.8% to $313.545 million from $72.119 million in the prior session, with 103 deals recorded. Additionally, Nigeria's foreign reserves approached the $55 billion mark, increasing by approximately $24.99 million to about $54.95 billion as of October 2, 2026, attributed to stronger crude oil production, increased foreign portfolio investments, and a slowdown in import-related outflows.