Naira slips to N1,332.09/$ as interbank FX deals fall 77.7%

The naira weakened slightly against the US dollar at the official foreign exchange market on Monday, October 12, 2026. The currency fell by 90 kobo to N1,332.09 per dollar, compared with N1,331.19 recorded on Friday.

It also lost value against the British pound, falling by N3.47 to close at N1,762.63 per pound from N1,759.16. It gained N1.64 against the euro, closing at N1,489.15 compared with N1,490.79 in the previous session.

Bank desk, parallel market

At GTBank’s foreign exchange desk, the naira strengthened against the dollar to N1,338 from N1,340. At the parallel market, also known as the black market, it remained unchanged at N1,360 per dollar.

Data from the Central Bank of Nigeria showed that foreign exchange transactions between banks fell by 77.7 per cent to $36.24 million from $162.74 million.

Reserves and demand outlook

Nigeria’s net foreign reserves have risen to $46 billion, supported by increased foreign investment. The reserves provide the CBN with funds to support the foreign exchange market when necessary.

Demand for foreign currency could increase as importers prepare for the December festive season. Dollar transactions rose to $3.37 billion last week from $1.70 billion in the previous week. Most of the increase came from spot market transactions, where currencies are exchanged at current rates.

In its weekly economic and market report for the week ended October 9, Cordros Securities said the outlook for foreign exchange inflows would depend on continued foreign investment and an improvement in domestic sources of dollar supply.

Cryptos slide on global risk caution

Major cryptocurrencies recorded losses as investors became cautious following declines in Asian chip stocks and US technology futures. Rising oil prices, driven by concerns over supplies from the Middle East, also increased fears of inflation and possible interest rate increases by the US Federal Reserve.

Investors are now waiting for the United States consumer price index report expected on Thursday. The report could provide more information about the direction of inflation and interest rates.

Cardano fell by 5.2 per cent to $0.2394. Solana dropped by 3.3 per cent to $108.37. Dogecoin declined by 2.7 per cent to $0.0848. Ripple fell by 2.3 per cent to $1.37. Ethereum lost one per cent to trade at $2,527.83.

Binance Coin dropped by 0.9 per cent to $744.36, while TRON fell by 0.7 per cent to $0.3299. Bitcoin also declined slightly by 0.1 per cent to $83,598.44. Tether and USD Coin, two cryptocurrencies designed to maintain a stable value against the US dollar, remained unchanged at $1 each.

The naira’s official market slide and the low interbank turnover point to a market that still needs strong dollar inflows to stay stable. Importers preparing for December may add pressure on the currency in the coming weeks.