Naira falls to N1,332.97/$ as interbank FX turnover jumps 157.1%

The naira weakened by 88 kobo, or 0.07%, against the US dollar at the Nigerian Autonomous Foreign Exchange Market on Tuesday, October 13, 2026, closing at N1,332.97/$1. The rate compares with N1,332.09/$1 in the previous trading session.

The depreciation came as interbank foreign exchange turnover surged by 157.1% to $93.16 million, up from $36.24 million recorded in the previous session. Nigeria’s foreign reserves also climbed to $55.1 billion, while net foreign reserves reached $46 billion amid sustained foreign exchange inflows.

Pound rises, euro eases at official window

The naira lost ground against the British pound, falling by N3.43 to close at N1,766.06/£1, compared with N1,762.63/£1 on Monday. It appreciated against the euro, with the exchange rate moving to N1,489.15/€1 from N1,490.79/€1 in the preceding session.

At the GTBank foreign exchange counter, the naira weakened by N1 against the dollar to N1,339/$1, compared with N1,338/$1 previously. The currency traded flat at N1,360/$1 at the parallel market.

CBN data shows higher dollar turnover

Data published by the Central Bank of Nigeria showed that interbank foreign exchange turnover surged by 157.1% to $93.16 million from $36.24 million in the previous session. The increase points to a significant rise in the value of dollar transactions conducted in the interbank market during the trading session.

Nigeria's foreign reserves climbed to $55.1 billion, supported by sustained foreign currency inflows from international sources, including remittances. Last week, the CBN disclosed that the country's net foreign reserves had risen to $46 billion amid increased private capital inflows, despite the impact of oil swap arrangements.

Outlook and market rates

Market analysts say the near-term outlook for foreign exchange inflows will depend on the resilience of foreign portfolio investment and a recovery in domestic sources of dollar supply. Sustained foreign currency inflows could support liquidity in the official market, although the naira's performance will continue to depend on the balance between dollar demand and supply.

The latest official exchange rates showed the US dollar at N1,332.97, while the pound sterling traded at N1,766.06. Other rates: CFA N2.27, Chinese yuan/renminbi N199.13, Danish krone N199.55, Euro N1,492.00, Japanese yen N8.42, Saudi riyal N354.90, South African rand N80.81, Special Drawing Rights N1,803.01, Swiss franc N1,601.55, British pound sterling N1,766.06, US dollar N1,332.97, West African Unit of Account N1,802.00, UAE dirham N362.89.

Earlier, the Dangote Group projected that the naira would trade at N1,330 per dollar in the fourth quarter of 2026, supported by rising foreign reserves, increased foreign investment and lower fuel import costs. The projection is contained in the group’s Economic Research and Intelligence H1 2026 Economic Report. According to the report, the outlook reflects improvements in Nigeria’s external position, attractive real interest rates that have drawn foreign portfolio investors and a lower fuel import bill as domestic refining capacity expands.

Related market headlines showed FirstHoldCo topped Zenith and GTCO as five banks reported N2.29 trillion profit in the first six months of 2026, while the NGX closed lower as the All-Share Index dropped 0.97% and market capitalisation fell to N161.26 trillion.

For the naira, the latest data leaves the official market under pressure from dollar demand even as reserves and interbank turnover rise. The currency's next direction will depend on whether foreign portfolio inflows and domestic dollar supply can keep pace with demand.