Naira gains N14.74 to close at N1,352.87/$1 as reserves hit $55.2bn

The naira appreciated by N14.74 against the US dollar to close at N1,352.87/$1 at the official market on Tuesday, October 27, 2026. The local currency also strengthened against the pound sterling and euro at the Nigerian Foreign Exchange Market (NFEM).

It closed at N1,803.24/£1 and N1,508.59/€1, compared with N1,825.75/£1 and N1,530.35/€1 in the previous session. The naira remained unchanged in the parallel market at N1,380/$1.

Official market rates

Against the dollar, the naira gained N14.74 from N1,367.61/$1. It added N22.51 against the pound and N21.76 against the euro.

Other selling rates on October 27 were: CFA N2.35, Chinese yuan/renminbi N202.90, Danish krone N201.81, Japanese yen N8.57, Saudi riyal N360.40, South African rand N81.26, Special Drawing Rights (SDR) N1,829.89, Swiss franc N1,632.72, West African Unit of Account (WAUA) N1,854.42 and UAE dirham N368.36.

Turnover and reserves

Data from the Central Bank of Nigeria (CBN) showed interbank foreign exchange turnover fell to $543.74 million from $614.245 million in the previous session. That is a decline of about 11.5%. Another turnover figure in the update was a 28.2% decline. The number of foreign exchange deals dropped to 197 from 201.

The naira's gain came amid reports of dollar liquidity support from the CBN through authorised dealer banks after recent pressure on the local currency. The intervention was aimed at easing foreign exchange demand pressures and supporting the naira after its recent depreciation.

Nigeria's external reserves rose to $55.2 billion, supported by inflows from diaspora remittances and hydrocarbon exports. Higher reserves can support confidence in the country's ability to meet foreign exchange obligations and manage pressure on the naira.

Earlier, the Securities and Exchange Commission (SEC) proposed sweeping new rules to govern online foreign exchange and Contracts for Difference (CFD) trading in Nigeria. The framework, which is not yet in force, would cover licensing, advertising and client money protection for operators serving Nigerian residents, including offshore platforms that target Nigerians through local advertising, influencers or affiliate partnerships.

Separately, a Dangote Cement rally pushed the Nigerian stock market to N1.75 trillion.

What it means

A stronger official rate narrows the gap with the parallel market, where the dollar traded at N1,380. Lower turnover, however, points to cautious trading. For importers and consumers, the direction of the naira in the coming sessions will depend on how long the CBN liquidity support lasts and whether reserves keep rising.