Naira Fluctuates as Official Market Gains, Black Market Declines

On October 22, 2026, the naira gained slightly against the US dollar at Nigeria's official foreign exchange market while depreciating in the black market. In the parallel market, the naira fell by N2 to close at N1,360 per dollar, compared to N1,358 the previous day.

At GTBank's foreign exchange desk, the naira weakened by N3, settling at N1,343 per dollar from N1,340. Conversely, at the Nigerian Foreign Exchange Market (NAFEM), the naira appreciated by 32 kobo, or 0.02%, to N1,334.40 per dollar from N1,334.72.

The naira also recorded losses against the British pound and euro, closing at N1,798.28 per pound and N1,506.41 per euro, respectively. Interbank foreign exchange market activity surged by 148% to $316.545 million from $127.628 million, with the number of transactions increasing to 181 from 95.

Market participants indicated that further intervention by the Central Bank may be necessary to alleviate pressure on the naira.