- The naira weakened by 88 kobo against the US dollar at the Nigerian Autonomous Foreign Exchange Market, closing at N1,332.97/$1
- Interbank foreign exchange turnover surged by 157.1% to $93.16 million, up from $36.24 million recorded in the previous session
- Nigeria’s foreign reserves rose to $55.1 billion, while net foreign reserves reached $46 billion amid sustained foreign exchange inflows
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira depreciated further against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 13, 2026, as trading activity in the official foreign exchange market increased.
The local currency weakened by 88 kobo, or 0.07%, to close at N1,332.97/$1, compared with N1,332.09/$1 recorded in the previous trading session.
Source: Getty Images
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 rises sharply
Data published by the Central Bank of Nigeria (CBN) showed that interbank foreign exchange turnover surged by 157.1% to $93.16 million 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.
Source: Getty Images
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.
- CFA: N2.27
- Chinese yuan/renminbi: N199.13
- Danish krone: N199.55
- Euro: N1,492.00
- Japanese yen: N8.42
- Saudi riyal: N354.90
- South African rand: N80.81
- Special Drawing Rights (SDR): N1,803.01
- Swiss franc: N1,601.55
- British pound sterling: N1,766.06
- US dollar: N1,332.97
- West African Unit of Account (WAUA): N1,802.00
- UAE dirham: N362.89
Dangote group predicts naira’s next move against dollar
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.
Source: Legit.ng