The naira appreciated by 11 kobo against the US dollar at the official foreign exchange market on Tuesday, October 20, 2026, closing at N1,333.65/$1, according to data from the Nigerian Foreign Exchange Market (NFEM). This marginal gain, representing an appreciation of approximately 0.01%, came as interbank FX turnover surged by 48.18% to $60.72 million.
Naira Strengthens Against Euro, Weakens Against Pound
The local currency also gained 12 kobo against the euro, closing at N1,497.29/€1 compared with Monday's rate of N1,497.41/€1. However, it weakened against the British pound sterling, depreciating by N6.40 to N1,784.69/£1 from N1,778.29/£1 in the previous session.
In the parallel market, the naira maintained its rate against the US dollar at N1,358/$1, while it traded flat at N1,340/$1 at the Guaranty Trust Bank (GTBank) foreign exchange counter. The rates show that the dollar remained more expensive in the parallel market than at the official window, with a difference of N24.35 per dollar.
FX Turnover Rises by 48%
Data from the Central Bank of Nigeria (CBN) showed that interbank foreign exchange turnover increased by 48.18% to $60.715 million from $40.975 million recorded previously. The number of foreign exchange deals also rose to 70 from 59, indicating increased trading activity during the session.
The naira has appreciated by nearly 8% against the dollar this year, placing it among the 10 best-performing currencies out of 144 tracked by Bloomberg. The currency's performance has also supported returns on Nigerian equities and local-currency bonds, which have ranked among the stronger-performing assets globally.
Official Exchange Rates on Tuesday, October 20, 2026
The CBN's reported selling rates for selected foreign currencies were: CFA at N2.28, Yuan/Renminbi at N199.70, Danish krone at N200.28, Euro at N1,497.29, Japanese yen at N8.44, Saudi riyal at N355.53, South African rand at N81.01, Swiss franc at N1,619.88, Pound sterling at N1,784.69, US dollar at N1,333.65, and UAE dirham at N363.08.
Market analysts expect the naira to sustain its relative stability in the near term while warning that rising government borrowing could pose a risk to the currency's outlook. Earlier, Deutsche Bank added Nigeria to its frontier foreign exchange monitor, forecasting further appreciation against the US dollar as Nigeria's external position improves, citing the naira's undervaluation and relatively high real interest rates as factors that could attract more capital into the country.
