Naira Gains 11 Kobo Against Dollar as FX Turnover Jumps 48.18%

The naira gained 11 kobo against the US dollar at the official market on Tuesday, October 20, 2026, closing at N1,333.65/$1. The rate compared with N1,333.76/$1 in the previous session.

The local currency also strengthened against the euro but weakened against the pound sterling. Interbank FX turnover rose by 48.18% to $60.715 million as the number of deals increased to 70.

Official market

Data from the Nigerian Foreign Exchange Market showed the naira's marginal gain represented an appreciation of approximately 0.01%. The naira gained 12 kobo against the euro to close at N1,497.29/€1, compared with Monday's rate of N1,497.41/€1.

It weakened against the British pound sterling, depreciating by N6.40 to N1,784.69/£1 from N1,778.29/£1 in the previous session.

Parallel market and turnover

The local currency maintained its rate against the US dollar in the parallel market at N1,358/$1 during the session. It also traded flat at N1,340/$1 at the Guaranty Trust Bank foreign exchange counter.

The rates show the dollar remained more expensive in the parallel market than at the official window, with a difference of N24.35 per dollar.

Central Bank of Nigeria data showed interbank foreign exchange turnover increased by 48.18% to $60.715 million from $40.975 million recorded previously. The number of foreign exchange deals rose to 70 from 59, indicating increased trading activity.

Year-to-date performance and risks

The naira has appreciated by nearly 8% against the dollar this year. That places it among the 10 best-performing currencies out of 144 tracked by Bloomberg.

The currency's performance has also supported returns on Nigerian equities and local-currency bonds, which have ranked among the stronger-performing assets globally.

Market analysts expect the naira to sustain its relative stability in the near term. They warn that rising government borrowing could pose a risk to the currency's outlook.

Deutsche Bank has identified the naira as a currency worth watching for foreign investors. The German multinational lender forecast further appreciation against the US dollar as Nigeria's external position improves. It added Nigeria to its frontier foreign exchange monitor, pointing to the naira's undervaluation and relatively high real interest rates as factors that could attract more capital into the country.

CBN selling rates

The CBN's reported selling rates for selected foreign currencies were: CFA N2.28, Yuan/Renminbi N199.70, Danish krone N200.28, Euro N1,497.29, Japanese yen N8.44, Saudi riyal N355.53, South African rand N81.01, Swiss franc N1,619.88, Pound sterling N1,784.69, US dollar N1,333.65 and UAE dirham N363.08.