The naira strengthened against the US dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,322.75/$ on 7 October 2026, compared with N1,331.50/$ recorded on 6 October.
The latest movement represents a N1.25 appreciation, or 0.09%, in the value of the naira at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN).
In the parallel market, the dollar edged higher against the naira, rising to N1,362.00/$ on 8 October from N1,360.00/$ on 7 October, according to Bureau de Change operators. The N2.00 increase represents a 0.15% depreciation of the naira. The gap between the parallel-market rate and the latest NAFEM rate stood at about N39.25/$.
Pound, Euro and Canadian Dollar Rates
The British pound weakened against the naira in the parallel market, falling to N1,796.00/£1 from N1,799.00/£1. The N3.00 movement represents a 0.17% appreciation of the naira against sterling.
The euro strengthened slightly against the naira, rising to N1,523.00/€1 from N1,522.00/€1, a N1.00 (0.07%) depreciation of the naira.
The Canadian dollar eased to N955.00/C$1 from N956.00/C$1, representing a N1.00, or 0.10%, appreciation of the naira against the Canadian currency.
Nigeria’s external reserves edged higher to $54.983 billion as of 6 October 2026, up from $54.980 billion on 5 October, a rise of 0.005%, according to CBN figures.
