The naira traded near N1,333 per dollar on Monday, October 12, 2026, as reported turnover in the Nigerian Foreign Exchange Market (NFEM) fluctuated sharply across trading sessions.
Data from the Central Bank of Nigeria (CBN) showed that the currency closed at N1,332.99 per dollar on October 12, compared with N1,332.49 on October 9, representing a depreciation of 50 kobo.
The exchange rate remained within a relatively narrow range during the early October sessions, while foreign exchange reserves continued to rise, providing further context for developments in the market.
Naira trades around N1,333 per dollar
The naira traded within a narrow range during the first two weeks of October, with its closing rate fluctuating around N1,330 to N1,334 per dollar.
On October 8, the currency closed at N1,333.55 per dollar before appreciating to N1,332.49 on October 9. It then weakened slightly in the next reported session, closing at N1,332.99 on October 12.
The CBN data showed the following closing rates during the period:
- October 5: N1,332.90 per dollar.
- October 6: N1,331.50 per dollar.
- October 7: N1,332.75 per dollar.
- October 8: N1,333.55 per dollar.
- October 9: N1,332.49 per dollar.
- October 12: N1,332.99 per dollar.
The latest rate reflects a modest depreciation from the previous reported session, with the naira continuing to trade around the N1,333 level.
NFEM turnover fluctuates sharply
Reported foreign exchange turnover varied considerably across the early October trading sessions, with some days recording substantially higher activity than others.
The supplied CBN data showed NFEM turnover of approximately N1.21 billion on October 8 and N1.01 billion on October 6. Turnover declined to about N311.13 million on October 7 and N488.65 million on October 9.
Other reported figures included:
- October 5: approximately N619.22 million in NFEM turnover.
- October 8: approximately N1.21 billion, the highest among the listed October sessions.
- October 9: approximately N488.65 million.
- October 12: CBN is yet to provide NFEM turnover for the trading session at the time of filing this report, although interbank turnover stood at approximately N36.24 million.
The figures point to uneven trading activity across the period. However, the October 12 entry records zero NFEM turnover, so it should not be treated as evidence of a complete absence of foreign exchange transactions across the broader market.
External reserves continue to strengthen
Nigeria’s foreign exchange reserves rose by approximately $115 million in six days to $55.07 billion as of October 8, 2026, extending the upward trend recorded in September, according to a previous Nairametrics report.
- Nigeria’s net foreign exchange reserves have also risen to $46 billion. CBN Governor Olayemi Cardoso has said that stability in the foreign exchange market is helping to strengthen investor confidence.
- The country’s net foreign reserves have gained approximately $11 billion from the $34.80 billion reported at the end of 2025.
These reserve gains provide further context for developments in the foreign exchange market, although the latest daily exchange-rate data show the naira trading close to N1,333 per dollar.