Naira Appreciates Slightly to N1,333.50/$ Amid Demand

On October 19, 2026, the naira closed at N1,333.50 per dollar, appreciating from N1,334.20/$ recorded on October 16. The Central Bank of Nigeria's data indicated that the currency traded between N1,332.50 and N1,334.50 during the session.

Despite the slight strengthening of N0.70 against the dollar, the foreign exchange market experienced fluctuations, with a decline in weekly dollar trading and significant demand earlier in the year. The weighted average exchange rate was reported at N1,333.72.

The turnover data for the Nigerian Foreign Exchange Market (NFEM) was not available at the time of reporting. The value of dollars traded in Nigeria's foreign exchange market fell by 22.23% to $2.62 billion for the week ending October 16, 2026, attributed to slower spot trading and a drop in forward transactions.

Foreign exchange demand reached a 15-year high of $18.34 billion in the second quarter of 2026, particularly in services and financial payments. Nigeria's reserves are above the Central Bank's projected year-end level of approximately $51.04 billion for 2026.