Naira Nears N1,333 as FX Turnover Fluctuates on October 12
On October 12, 2026, the naira closed at N1,332.99 per dollar, reflecting a depreciation of 50 kobo from N1,332.49 on October 9. The Central Bank of Nigeria reported that the naira traded within a narrow range of N1,330 to N1,334 during early October.
The currency had appreciated to N1,332.49 on October 9 after closing at N1,333.55 on October 8. Foreign exchange turnover showed significant variation, with N1.21 billion on October 8 and N1.01 billion on October 6, but dropped to N311.13 million on October 7 and N488.65 million on October 9.
Notably, the October 12 entry recorded zero turnover, indicating uneven trading activity. Nigeria's foreign exchange reserves increased by approximately $115 million to $55.07 billion as of October 8, extending the upward trend from September.
This rise in reserves provides context for the foreign exchange market developments, despite the naira trading close to N1,333 per dollar.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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