- The naira strengthened by 98 kobo against the US dollar to close at N1,331.61/$1 at the Nigerian Foreign Exchange Market on Thursday, October 15, 2026.
- The local currency also gained against the pound sterling and euro, while it remained stable at N1,358/$1 in the parallel market.
- Interbank foreign exchange turnover fell by 58.9% to $201.56 million as the number of transactions declined to 128 from 179.
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 appreciated against the US dollar at the official foreign exchange market on Thursday, October 15, 2026, as it also strengthened against the pound sterling and euro.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency closed at N1,331.61/$1, gaining 98 kobo or 0.07% from the N1,332.59/$1 recorded on Wednesday.
Source: Getty Images
The naira also strengthened against the pound sterling, appreciating by N1.29 to close at N1,764.26/£1, compared with N1,765.55/£1 in the previous session.
Against the euro, the local currency gained N1.09 to settle at N1,490.48/€1, up from N1,491.57/€1 recorded a day earlier.
However, the naira remained stable at the parallel market, where the dollar traded at N1,358 on Thursday.
FX turnover declines
Foreign portfolio investors supported activity in the foreign exchange market, while non-bank corporates, exporters and importers also contributed to dollar supply, according to market data.
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 Central Bank of Nigeria (CBN).
Trading activity also weakened at the official market, with the number of transactions falling to 128 from 179 on Wednesday.
The decline in turnover suggests that the value of transactions conducted during the session 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.
Source: Getty Images
Other currency rates
The Central Bank of Nigeria's published exchange rates for Thursday showed the following selling rates for other currencies:
- CFA: N2.27
- Yuan/Renminbi: N199.01
- Danish krona: N199.72
- Euro: N1,490.48
- Japanese yen: N8.44
- Riyal: N354.83
- South African rand: N80.49
- Special Drawing Rights (SDR): N1,803.01
- Swiss franc: N1,608.23
- Pound sterling: N1,764.26
- US dollar: N1,331.61
- West African Units of Account (WAUA): N1,802.33
- UAE dirham: N362.56
Expert predicts new naira to dollar exchange rate in 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 African Export-Import Bank (Afreximbank), projected this 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.
Source: Legit.ng