The naira depreciated further against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 13, 2026, closing at N1,332.97/$1, according to data from the Central Bank of Nigeria (CBN). The local currency weakened by 88 kobo, or 0.07%, compared with the N1,332.09/$1 rate recorded in the previous trading session.
Naira Loses Against Pound, Gains Against Euro
The domestic currency also lost ground against the British pound, falling by N3.43 to close at N1,766.06/£1, from N1,762.63/£1 on Monday. However, the naira appreciated against the euro, with the exchange rate moving to N1,489.15/€1 from N1,490.79/€1 in the preceding session.
At the GTBank foreign exchange counter, the naira weakened by N1 against the dollar to N1,339/$1, compared with N1,338/$1 previously. Meanwhile, the currency traded flat at N1,360/$1 at the parallel market.
FX Turnover Surges 157.1%
Data published by the CBN showed that interbank foreign exchange turnover surged by 157.1% to $93.16 million, up from $36.24 million recorded in the previous session. The increase indicates a significant rise in the value of dollar transactions conducted in the interbank market during the trading session.
Nigeria's foreign reserves also climbed to $55.1 billion, supported by sustained foreign currency inflows from international sources, including remittances. Last week, the CBN disclosed that the country's net foreign reserves had risen to $46 billion amid increased private capital inflows, despite the impact of oil swap arrangements.
Outlook for the Naira
Market analysts say the near-term outlook for foreign exchange inflows will depend on the resilience of foreign portfolio investment and a recovery in domestic sources of dollar supply. Sustained foreign currency inflows could help support liquidity in the official market, although the naira's performance will continue to depend on the balance between dollar demand and supply.
CBN Exchange Rates
The latest official exchange rates showed the US dollar at N1,332.97, while the pound sterling traded at N1,766.06. Other rates include: CFA at N2.27, Chinese yuan/renminbi at N199.13, Danish krone at N199.55, Euro at N1,492.00, Japanese yen at N8.42, Saudi riyal at N354.90, South African rand at N80.81, Special Drawing Rights (SDR) at N1,803.01, Swiss franc at N1,601.55, British pound sterling at N1,766.06, US dollar at N1,332.97, West African Unit of Account (WAUA) at N1,802.00, and UAE dirham at N362.89.
Earlier, Legit.ng reported that the Dangote Group expects the naira to trade at N1,330 per dollar in the fourth quarter of 2026, supported by rising foreign reserves, increased foreign investment and lower fuel import costs. The projection is contained in the group’s Economic Research and Intelligence H1 2026 Economic Report. According to the report, the outlook reflects improvements in Nigeria’s external position, attractive real interest rates that have drawn foreign portfolio investors and a lower fuel import bill as domestic refining capacity expands.
