- The naira gained 11 kobo against the US dollar at the official market, closing at N1,333.65/$1 on Tuesday
- The local currency also strengthened against the euro but weakened against the pound sterling during the session
- Interbank FX turnover rose by 48.18% to $60.72 million as the number of currency deals increased to 70
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 marginally appreciated against the United States dollar at the official foreign exchange market on Tuesday, October 20, 2026, as trading turnover increased.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the local currency gained 11 kobo to close at N1,333.65/$1, compared with N1,333.76/$1 recorded at the previous session.
Source: Getty Images
The marginal gain represented an appreciation of approximately 0.01%, reflecting relative stability in the official market.
The naira also strengthened against the euro, gaining 12 kobo to close 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 recorded in the previous session.
Naira exchange rate across markets
The local currency maintained its rate against the US dollar in the parallel market at N1,358/$1 during the session.
It also 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.
However, 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.
Source: Getty Images
Official exchange rates on Tuesday, October 20, 2026
The CBN's reported selling rates for selected foreign currencies were:
- CFA: N2.28
- Yuan/Renminbi: N199.70
- Danish krone: N200.28
- Euro: N1,497.29
- Japanese yen: N8.44
- Saudi riyal: N355.53
- South African rand: N81.01
- Swiss franc: N1,619.88
- Pound sterling: N1,784.69
- US dollar: N1,333.65
- UAE dirham: N363.08
Deutsche Bank adds Nigeria to forex monitor
Earlier, Legit.ng reported that Deutsche Bank has identified the naira as a currency worth watching for foreign investors, forecasting further appreciation against the United States dollar as Nigeria's external position improves.
The German multinational lender added Nigeria to its frontier foreign exchange monitor, pointing to the naira's undervaluation and relatively high real interest rates as factors that could attract more capital into the country.
Source: Legit.ng