Naira slips to N1,332.10/$ at NAFEM as FX turnover jumps 350% and reserves hit $54.98bn

The naira weakened against the US dollar, pound sterling and euro in the official foreign exchange market on Thursday, October 8, 2026, even as trading activity surged and external reserves continued to climb.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the dollar traded at N1,332.10, compared with N1,331.77 on Wednesday. That is a depreciation of 33 kobo, or about 0.02%.

Official market: naira loses ground across major currencies

The local currency also fell against other major currencies. It exchanged at N1,759.17 per pound sterling, down from N1,757.14 a day earlier. Against the euro, the naira weakened to N1,490.22 from N1,489.05 in the previous session.

In the parallel market, the picture was different. The naira gained N5 to close at N1,360 per dollar, compared with N1,365 on Wednesday. The two markets are still pricing the dollar far apart, with the parallel rate about N28 weaker than the official rate.

Turnover climbs 350% as transactions hit 192

Trading activity in the official market rose sharply during the session. Central Bank of Nigeria data showed interbank foreign exchange turnover climbed to $326.116 million on Thursday from $72.475 million on Wednesday, an increase of approximately 350%.

The number of foreign exchange transactions also rose to 192 from 83 in the previous session.

Reserves rise to $54.98bn

The rise in turnover came as Nigeria's external reserves strengthened further. The country's foreign exchange reserves rose by about $2.72 million to approximately $54.983 billion as of October 6, 2026.

These were the selling rates for selected currencies on Thursday, October 8, 2026: CFA N2.27, Yuan/Renminbi N198.75, Danish krona N199.36, Euro N1,490.22, Yen N8.42, Riyal N354.80, South African rand N80.00, SDR N1,800.79, Swiss franc N1,597.44, Pounds sterling N1,759.17, US dollar N1,332.10, WAUA N1,800.13 and UAE dirham N362.70.

Elsewhere on the continent, Tanzania introduced rules requiring domestic transactions to be conducted in its national currency, the Tanzanian shilling, rather than foreign currencies such as the US dollar. The policy directs businesses and individuals to display prices and accept payments in shillings for goods and services sold within the country. According to a public notice signed by Bank of Tanzania Governor Emmanuel M. Tutuba, the measure is intended to strengthen the use of the local currency.

What it means

For Nigerian businesses and importers, the gap between the official and parallel markets still matters for pricing decisions, even as the spread narrowed slightly on Thursday. The jump in turnover suggests more dollars are changing hands at the official window, while the steady build in reserves gives the CBN more room to defend the currency.