Naira Rises to N1,331.61/$1 at NAFEM as FX Turnover Drops 58.9%

The naira appreciated by 98 kobo, or 0.07 per cent, to close at N1,331.61/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, October 15, up from N1,332.59/$1 on Wednesday.

The local currency also firmed against other major currencies in the official market. It gained N1.29 against the Pound Sterling to trade at N1,764.26/£1, compared with N1,765.55/£1 a day earlier, and rose by N1.09 against the Euro to settle at N1,490.48/€1 from N1,491.57/€1.

Parallel Market Holds at N1,358/$1

At the parallel market, the naira stayed unchanged against the dollar at N1,358/$1.

Market data showed foreign portfolio investors drove momentum during the session, while non bank corporates, exporters and importers contributed to dollar supply.

Turnover, however, slowed sharply. Interbank FX turnover fell by 58.9 per cent to $201.562 million from $490.855 million, according to the Central Bank of Nigeria (CBN).

Activity at the Nigerian Foreign Exchange Market (NFEM) window also eased. The number of deals dropped to 128 from 179 on Wednesday, with dollar transaction volumes and deal counts both declining.

Inflation Eases to 14.63% in September

Nigeria's headline inflation rate slowed to 14.63 per cent in September 2026 from 15.39 per cent in August, even as energy costs rose 5.38 per cent during the month.

The Consumer Price Index (CPI) report released on Thursday by the National Bureau of Statistics (NBS) showed a decline of 0.76 percentage points. It was the lowest year on year level in 2026, driven largely by falling food prices.

Crypto Rallies as US Inflation Beats Forecast

In the cryptocurrency market, prices climbed as traders waited for remarks from Federal Reserve Chair Kevin Warsh after hotter than expected inflation data in the United States.

US inflation rose more than expected to 3.7 per cent in the year to September, driven largely by soaring fuel prices amid disruptions to energy supplies linked to the conflict involving the US, Israel and Iran. The figure, released by the US Bureau of Labour Statistics, was up from 3.4 per cent in the 12 months to August, adding to cost of living concerns ahead of the country's midterm elections next month.

Cardano (ADA) gained 4.9 per cent to $0.2310, Solana (SOL) rose 4.2 per cent to $106.37, Ethereum (ETH) added 3.9 per cent to $2,449.55, Dogecoin (DOGE) climbed 3.1 per cent to $0.0823, and Ripple (XRP) was up 2.8 per cent to $1.34.

Binance Coin (BNB) improved by 1.9 per cent to $731.07, Bitcoin (BTC) rose 1.5 per cent to $82,083.97, and Tron (TRON) edged up 0.9 per cent to $0.3339. The US Dollar Tether (USDT) and the US Dollar Coin (USDC) held steady at $1.00 apiece.

The gap between the official and parallel market rates now sits at about N26, a narrower spread that reduces the incentive for round tripping and supports importers sourcing dollars through formal channels.