Naira Surges N8 Against Dollar, Closing at N1,357/$

On October 27, 2026, the naira gained N8 against the dollar, closing at N1,357/$ in the Nigerian Foreign Exchange Market, marking its largest daily rise since August. The Central Bank of Nigeria reported that the naira strengthened from N1,365/$ on October 26, recovering from a low of N1,370/$ on October 23.

During the trading session, the exchange rate fluctuated between N1,344 and N1,368.50, with a weighted average rate of N1,352.87/$. Interbank transactions recorded 197 deals with a total turnover of approximately N543.74 million.

The parallel market saw the naira trading between N1,380 and N1,385 per dollar. An operator noted that the exchange rate is influenced by demand and supply dynamics.

Additionally, Nigeria's foreign reserves surpassed $55 billion, the highest level in over 18 years, with total FX utilization rising by 91.1% to $50.93 billion in 2025.