Naira Strengthens to N1,331.61/$ as CBN Reports Lower FX Turnover

The naira strengthened by 98 kobo against the US dollar to close at N1,331.61/$1 at the Nigerian Foreign Exchange Market on Thursday, October 15, 2026. It also gained against the pound sterling and euro, while holding steady at N1,358/$1 in the parallel market.

Official Market Gains

Data from the Nigerian Foreign Exchange Market showed the local currency closed at N1,331.61/$1, gaining 98 kobo or 0.07% from N1,332.59/$1 recorded on Wednesday. The naira appreciated by N1.29 against the pound sterling to close at N1,764.26/£1, compared with N1,765.55/£1 in the previous session. Against the euro, it gained N1.09 to settle at N1,490.48/€1, up from N1,491.57/€1 a day earlier.

Foreign portfolio investors supported activity in the foreign exchange market. Non-bank corporates, exporters and importers also contributed to dollar supply, according to market data.

Turnover and Transactions Fall

Despite the naira gains, interbank foreign exchange turnover declined by 58.9% to $201.56 million from $490.86 million recorded in the previous session, according to the Central Bank of Nigeria. Trading activity also weakened at the official market, with the number of transactions falling to 128 from 179 on Wednesday. The decline in turnover suggests the value of transactions conducted during the session was significantly lower than in the previous trading session.

Inflation Eases

Nigeria's headline inflation rate eased to 14.63% in September 2026 from 15.39% in August, according to the latest Consumer Price Index report released by the National Bureau of Statistics. The report showed inflation declined by 0.76 percentage points, marking its lowest year-on-year level in 2026, largely driven by falling food prices. The moderation came despite a 5.38% increase in energy costs during the month.

Other CBN Selling Rates

The Central Bank of Nigeria's published exchange rates for Thursday showed the following selling rates: CFA N2.27, Yuan/Renminbi N199.01, Danish krona N199.72, Euro N1,490.48, Japanese yen N8.44, Riyal N354.83, South African rand N80.49, Special Drawing Rights N1,803.01, Swiss franc N1,608.23, Pound sterling N1,764.26, US dollar N1,331.61, West African Units of Account N1,802.33 and UAE dirham N362.56.

Outlook

Earlier, the naira was projected to trade between N1,350 and N1,450 per US dollar in 2026. Yemi Kale, Chief Economist at the African Export-Import Bank, projected this while delivering the keynote address at the FirstBank Nigeria Economic Outlook 2026. Kale outlined scenario-based forecasts for the USD/NGN exchange rate, taking into account oil prices, foreign-exchange inflows, inflation trends and policy consistency.

The official market gain offers some relief for importers and consumers, but the sharp drop in turnover shows liquidity remains weak. A stable parallel market rate at N1,358/$1 and easing inflation could support business planning if the trend holds.