Naira slips to N1,332.90/$ as FX turnover swings

The naira weakened slightly against the US dollar, closing at N1,332.90/$ on October 5, 2026. The same closing rate was also cited for October 6, 2026 in the market data. The currency fell from N1,332/$ recorded on October 2.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the movement came as foreign exchange trading remained mixed at the beginning of October. It followed several weeks of fluctuations in September.

Naira remains around N1,330/$

The naira traded between N1,329 and N1,333.50 during Monday’s trading session. Its weighted average rate was N1,331.6875/$, while the simple average rate stood at N1,331.2953/$.

On October 2, the naira closed at N1,332/$ after trading between N1,329 and N1,333. It closed at N1,329.50/$ on September 30. The September 29 and September 28 closing rates were N1,331/$ and N1,331.50/$ respectively.

The figures show the naira has remained relatively stable around the N1,330/$ level despite changes in daily trading activity.

FX trading activity remains uneven

Foreign exchange trading volumes have varied significantly in recent sessions. As of the time of the data, the Central Bank of Nigeria (CBN) had not released the total NFEM deals for October 5. However, 103 interbank deals were reported, with total interbank turnover of about $72.12 million.

On October 2, there were 249 NFEM deals with total turnover of $569.80 million. Interbank turnover stood at $154.02 million. On September 30, NFEM recorded $537.97 million in turnover from 323 deals, while interbank turnover stood at $179.58 million.

September 29 recorded $530.44 million in NFEM turnover from 290 deals, with interbank turnover of $80.58 million. On September 28, NFEM turnover stood at $196.68 million from 206 deals, while interbank turnover was $24.73 million.

The figures indicate that FX trading activity has been inconsistent, even though the naira has remained within a relatively narrow range.

Weekly FX turnover falls 35.41%

The latest figures followed a broader decline in foreign exchange trading during the week ended October 2. Total turnover across Nigeria’s FX spot and derivatives markets fell by 35.41% to $1.70 billion, compared with $2.63 billion recorded in the previous week. The week ended October 2 recorded total FX spot and derivatives turnover of $1.697 billion.

The naira’s narrow range and uneven FX turnover will keep importers and businesses watching the market closely for clearer direction on dollar supply and pricing.