Naira Declines to N1,332.75/$ as NFEM Surpasses $1 Billion
On October 7, 2026, the naira weakened to N1,332.75/$ at the Nigerian Foreign Exchange Market (NFEM), down from N1,331.50/$ the previous day. The Central Bank of Nigeria (CBN) reported that the currency traded between N1,330.50/$ and N1,332.99/$, with a weighted average rate of N1,331.7679/$.
NFEM turnover surpassed $1 billion, reaching $1.014 billion on October 6, a significant increase from $619.22 million on October 5. Despite the decline in the naira's value, it remained within the N1,330/$ range seen in recent weeks.
The CBN had not yet reported the total NFEM deals for October 7, but 83 interbank deals were recorded with a turnover of $72.48 million. The trading activity has shown significant fluctuations, with the highest NFEM turnover reported on October 6.
Additionally, the World Bank raised Nigeria’s 2026 economic growth forecast to 4.3% from 4.0% in 2025, indicating ongoing improvements in economic activity.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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