Naira Strengthens to N1,331.50/$ Amid Market Volatility

On October 6, 2026, the naira closed at N1,331.50 per dollar, strengthening by N1.40 from N1,332.90/$ on October 5. The Nigerian Foreign Exchange Market (NFEM) reported that the currency traded between N1,330 and N1,333 during the session.

The closing rate was supported by a weighted average rate of N1,330.8745/$. NFEM turnover showed significant fluctuations, with trading activity ranging from $196.68 million to $619.22 million in recent sessions.

On October 5, NFEM turnover reached $619.22 million from 287 deals, compared to $569.80 million on October 2 from 249 deals. The Central Bank of Nigeria (CBN) had not reported the total turnover for October 6 at the time of the report.

The naira's stability contrasts with the uneven daily market liquidity and transaction volumes. Additionally, S&P Global Ratings upgraded Nigeria's long-term foreign and local currency credit ratings to ‘B’ from ‘B-’, citing improvements linked to the country's reforms and foreign-exchange developments.