Find out more as Dollar depreciates as naira gains at official, black market

• The naira gained ground against the dollar at both the parallel and official foreign exchange markets
• Interbank foreign exchange turnover recorded a sharp increase during the trading session, pointing to stronger market activity
• An investment firm weighed in on what crude oil prices and dollar supply could mean for the naira's near-term performance

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria's naira recorded gains against the United States dollar at both the official and parallel foreign exchange markets on Wednesday, October 14, 2026, with analysts projecting relative stability ahead.

At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1,332.59/$1, representing a gain of 38 kobo, or 0.03%, from N1,332.97/$1 on Tuesday.

At the black market, Bureau de Change operators quoted the dollar at N1,358, a N2 improvement from the N1,360 recorded in the previous trading session.

At the GTBank forex desk, the naira weakened slightly by N1, with the dollar trading at N1,340 compared to N1,339 the day before.

Naira strengthens across major currencies

Beyond the dollar, the naira also made gains against other major currencies at the official window. Against the British pound, it rose by 51 kobo to close at N1,765.55/£1 from N1,766.06/£1. \

Against the euro, the naira improved to N1,489.15/€1 from N1,490.79/€1, a gain of N1.64.

Activity in the interbank market surged sharply during the session. Foreign exchange turnover jumped by 426.9% to $490.855 million, up from $93.163 million recorded on Tuesday.

The Central Bank of Nigeria reported that the number of foreign exchange deals at the interbank level rose to 172 during the session.

Analysts expect naira to hold steady

AIICO Capital Limited said it expects the naira to remain relatively stable at the official window in the near term, with the gap between official and parallel-market rates staying close to 3%.

The investment firm said.

"Expect the Naira to stay stable at the official window, with the parallel gap staying near 3%. Oil above US$100 should keep dollar supply steady and support the naira.

Market analysts noted that the direction of foreign exchange inflows in the coming sessions will depend largely on continued foreign portfolio participation and a recovery in domestic sources of dollar supply.

The following exchange rates were reported for selected foreign currencies and units:

• CFA franc: N2.27
• Chinese yuan/renminbi: N199.10
• Danish krone: N198.28
• Euro: N1,491.57
• Japanese yen: N8.39
• Saudi riyal: N354.92
• South African rand: N80.37
• Special Drawing Rights (SDR): N1,802.78
• Swiss franc: N1,590.77
• British pound sterling: N1,765.55
• US dollar: N1,332.59
• West African Unit of Account (WAUA): N1,802.33
• UAE dirham: N362.83

Tanzania bans dollar use for local transactions

Earlier, Legit.ng reported that Tanzania introduced a restriction prohibiting the use of foreign currencies, including the US dollar, for domestic transactions.

Under the policy, businesses must quote prices and receive payments for goods and services in Tanzanian shillings rather than foreign currencies.

The Bank of Tanzania announced the directive in a public notice as part of efforts to ensure that the local currency is used for payments within the country.

Source: Legit.ng