Naira Slips to N1,330.10/$ at Official Market After Independence Day Break
By Aboki Forex —
The naira weakened against the dollar at the official foreign exchange market as trading resumed after the Independence Day holiday. Central Bank of Nigeria data showed the local currency closed at N1,330.10 per dollar on Friday, down from N1,329.16 on Wednesday, before the October 1 break.
That is a loss of N0.94 against the dollar in a single session, leaving the naira with a negative finish to the week.
Black Market Holds Steady Above Official Rate
At the parallel market, the naira traded at N1,370 per dollar on Friday. The gap between the official window and the street market remains wide, with the black market rate sitting about N40 above the CBN figure.
The naira had appreciated against the dollar at the official market just before the holiday, making Friday's move a reversal of that gain.
Reserves Flat at $54.93bn
Nigeria's foreign reserves stayed unchanged at $54.93 billion as of September 30, 2026. A flat reserve position gives the CBN limited room to defend the currency aggressively without drawing down buffers.
The reserves figure matters because it underpins the central bank's ability to meet demand at the official window and smooth out sharp swings in the exchange rate.
What It Means for the Naira
A sub-one-naira daily loss looks small, but it points to persistent pressure at the official window. Importers sourcing dollars at N1,370 on the street still face a higher effective cost than the official rate suggests, and that difference feeds into the price of goods.
For businesses, the message is to watch the spread between the two markets, not just the headline official rate. A widening gap usually signals tighter dollar supply ahead.