Naira Depreciates Against Major Currencies Despite Rising Reserves

On October 8, 2026, the Nigerian naira weakened against major currencies in the official foreign exchange market, with the dollar trading at N1,332.10, a depreciation of 33 kobo or approximately 0.02% from the previous day. The naira also lost value against the pound sterling and euro, exchanging at N1,759.17 and N1,490.22, respectively.

In contrast, the naira appreciated in the parallel market, closing at N1,360 per dollar, up by N5 from the previous day. This divergence indicates differing pricing trends across the official and parallel markets.

Trading activity in the official market surged, with interbank foreign exchange turnover rising to $326.116 million from $72.475 million, marking an increase of approximately 350%. Additionally, Nigeria's foreign exchange reserves increased by about $2.72 million, reaching approximately $54.983 billion as of October 6, 2026.