Naira Strengthens Against Dollar in October 2026 Gains
On October 14, 2026, Nigeria's naira gained value against the dollar in both the official and parallel foreign exchange markets. The official rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) closed at N1,332.59/$1, reflecting a gain of 38 kobo, or 0.03%, from N1,332.97/$1 the previous day.
In the black market, the dollar was quoted at N1,358, a N2 improvement from N1,360. The naira also appreciated against other major currencies, closing at N1,765.55/£1 against the British pound and N1,489.15/€1 against the euro.
Interbank market activity surged by 426.9% to $490.855 million, up from $93.163 million on Tuesday, with 172 foreign exchange deals reported. AIICO Capital Limited anticipates that the naira will maintain relative stability at the official window, with the gap between official and parallel-market rates expected to remain close to 3%.
The future direction of the naira will depend on foreign portfolio participation and a recovery in domestic dollar supply.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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