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The naira strengthened towards the greenback on Monday, October 26, 2026, closing at N1,365/$, in contrast with N1,370/$ on Friday, October 23.
Data from the Central Bank of Nigeria (CBN) confirmed that the forex traded between N1,359/$ and N1,380/$ throughout Monday’s session, with a weighted common charge of N1,367.61/$.
Despite the restoration from Friday’s shut, the naira stays 2.5% weaker than its October 2 closing charge of N1,332/$.
The motion comes as Nigeria’s overseas alternate market continues to report important utilisation throughout completely different sectors, alongside substantial inflows from autonomous sources.
Naira data late-month volatility
The forex’s efficiency mirrored a sharper depreciation in direction of the top of the month, after buying and selling inside a comparatively slim vary round N1,330/$ through the first three weeks of October.
Key figures from the most recent buying and selling session included:
- The naira closed at N1,365 per greenback, matching its October 22 closing charge.
- The alternate charge reached a session excessive of N1,380 and a low of N1,359 on October 26.
- The weighted common alternate charge stood at N1,367.61 per greenback, whereas the easy common was N1,368.39.
- Interbank buying and selling recorded 201 offers, with turnover of roughly N614.25 million.
The newest knowledge point out that the forex stays underneath stress in contrast with its place firstly of October, though day by day closing charges have fluctuated through the interval.
FX utilisation reaches report ranges
The naira’s motion comes towards the backdrop of considerable overseas alternate exercise within the Nigerian financial system.
Nairametrics beforehand reported that Nigeria’s FX utilisation reached a report $7.61 billion in June 2026, representing a 78.1% enhance from the $4.27 billion recorded in June 2025.
The enhance was pushed largely by invisible transactions, which embody funds for companies and different non-goods transactions.
Nairametrics additionally reported that complete FX utilisation rose by 91.1% to $50.93 billion in 2025, its highest annual stage since 2019. Invisible transactions accounted for $30.99 billion, whereas imports accounted for $19.94 billion.
These figures mirror the dimensions of overseas alternate utilization throughout the financial system, however they don’t, on their very own, set up the direct reason behind the naira’s day by day depreciation.
FX inflows stay a key market issue
Nigeria recorded complete overseas alternate inflows of $109.9 billion in 2025, in accordance to figures beforehand reported by Nairametrics. Autonomous inflows elevated by 25.12% to $70.54 billion, accounting for 64.21% of complete inflows.
- Autonomous inflows refer to overseas alternate getting into the market by means of sources exterior direct CBN provide, together with private-sector transactions and different unbiased channels.
- The newest exchange-rate figures present that the naira weakened from N1,332 per greenback at first of October to N1,365 by October 26, regardless of the dimensions of overseas alternate inflows recorded within the previous 12 months.
The forex’s near-term course will rely upon situations within the FX market, together with the stability between demand and provide.
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