The naira appreciated by 98 kobo against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, October 15, 2026, closing at N1,331.61/$1, according to data from the Central Bank of Nigeria (CBN). The local currency also strengthened against the pound sterling and the euro, while remaining stable at N1,358/$1 in the parallel market.
Official Market Performance
The naira's gain at the official market represented a 0.07% improvement from the N1,332.59/$1 recorded on Wednesday. Against the pound sterling, the currency appreciated by N1.29 to close at N1,764.26/£1, compared with N1,765.55/£1 in the previous session. Similarly, the naira gained N1.09 against the euro, settling at N1,490.48/€1, up from N1,491.57/€1 recorded a day earlier.
At the parallel market, the dollar traded at N1,358 on Thursday, unchanged from the previous day, according to market data.
FX Turnover Declines Sharply
Despite the naira's gains, interbank foreign exchange turnover declined by 58.9% to $201.56 million from $490.86 million recorded in the previous session, according to the CBN. The number of transactions also fell to 128 from 179 on Wednesday, indicating weaker trading activity at the official market.
Foreign portfolio investors, non-bank corporates, exporters, and importers contributed to dollar supply during the session, according to market data. The decline in turnover suggests that the value of transactions conducted was significantly lower than in the previous trading session.
Inflation Eases to 14.63%
Meanwhile, Nigeria's headline inflation rate eased to 14.63% in September 2026 from 15.39% in August, according to the latest Consumer Price Index report released by the National Bureau of Statistics (NBS). The report showed that inflation declined by 0.76 percentage points, marking its lowest year-on-year level in 2026, largely driven by falling food prices. The moderation came despite a 5.38% increase in energy costs during the month.
Other Currency Rates
The CBN's published exchange rates for Thursday showed the following selling rates for other currencies: CFA at N2.27, Yuan/Renminbi at N199.01, Danish krona at N199.72, Euro at N1,490.48, Japanese yen at N8.44, Riyal at N354.83, South African rand at N80.49, Special Drawing Rights (SDR) at N1,803.01, Swiss franc at N1,608.23, Pound sterling at N1,764.26, US dollar at N1,331.61, West African Units of Account (WAUA) at N1,802.33, and UAE dirham at N362.56.
Expert Projection for 2026
Earlier, Legit.ng reported that the naira is projected to trade between N1,350 and N1,450 per US dollar in 2026. Yemi Kale, Chief Economist at the Africa Export-Import Bank (Afreximbank), made the projection while delivering the keynote address at the FirstBank Nigeria Economic Outlook 2026. Kale outlined scenario-based forecasts for the USD/NGN exchange rate, taking into account oil prices, foreign-exchange (FX) inflows, inflation trends, and policy consistency.
