Naira slips to N1,367.61 per dollar as FX turnover and deals fall

The naira weakened by N5.77 to N1,367.61 per dollar at the official market on Monday, October 26, 2026, Central Bank of Nigeria data showed. It closed at N1,361.84 on Friday. The move came despite external reserves near $55.2 billion and elevated global crude oil prices.

The dollar traded between N1,359 and N1,380 at the Nigerian Foreign Exchange Market (NFEM) during the session. That range was better than the previous week's intraday high of N1,395, but the naira stayed under pressure.

Official market pressure

Analysts linked the depreciation to higher demand for foreign currency to settle international obligations and subdued inflows from foreign portfolio investors. Investors also adjusted holdings in equities and fixed-income securities, changing liquidity conditions.

The naira had depreciated by N29.58 over the preceding week before closing at N1,361.84. The latest N5.77 loss extends that run and shows the currency is still reacting to demand even with reserves rising.

Turnover and deals decline

Interbank foreign exchange turnover fell to $614.25 million on Monday from $1.01 billion on Friday. The number of completed transactions dropped from 315 to 201, CBN figures reported by Market Forces Africa showed. The lower activity points to reduced trading among authorised market participants.

The decline in turnover highlights the challenge in Nigeria's foreign exchange market despite efforts to improve dollar availability. Fewer deals and lower volumes came as the naira remained weak at the official window.

Reserves, oil and parallel market

External reserves climbed to about $55.2 billion. Brent crude declined to $114.40 per barrel on Monday as regional exports recovered despite geopolitical tensions in the Middle East. The reserve build and oil earnings have not yet translated into sustained naira appreciation.

The British pound strengthened by 3.19% to N1,821.46, while the euro appreciated by 2.28% to N1,525.12. The parallel market was steadier: the dollar held at N1,370, the pound declined to N1,800 and the euro slipped to N1,500.

For Nigerian businesses, the official rate at N1,367.61 and parallel rate at N1,370 remain close, but lower FX turnover and fewer completed deals signal liquidity pressure that could affect import planning and dollar access if it persists.