The naira weakened marginally against the US dollar at the Nigerian Foreign Exchange Market (NFEM), closing at an official central rate of N1,332.2582/$ on October 16, 2026, compared with N1,331.6139/$ recorded on October 15.
The movement represents a depreciation of N0.64, or approximately 0.05%, reflecting a slight weakening of the local currency at the official foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the naira closed at N1,334.20/$ during the trading session. The exchange rate reached a high of N1,334.99/$ and a low of N1,331.11/$, while total turnover at the market stood at $837.31 million.
Naira Exchange Rate Against Other Currencies
The CBN’s exchange rate data also showed the naira’s official quotations against other major international currencies. The British pound was quoted at a buying rate of N1,763.7840, a central rate of N1,764.4464 and a selling rate of N1,765.1089.
The euro traded at a buying rate of N1,490.0773, a central rate of N1,490.6370 and a selling rate of N1,491.1966. The Swiss franc was quoted at N1,614.0376 for buying, N1,614.6438 at the central rate and N1,615.2500 for selling.
For the Chinese yuan, the CBN listed a buying rate of N199.0994, a central rate of N199.1742 and a selling rate of N199.2490.
The UAE dirham was quoted at a buying rate of N362.4641, a central rate of N362.6003 and a selling rate of N362.7364. Meanwhile, the Saudi riyal stood at N354.7184 for buying, N354.8516 at the central rate and N354.9849 for selling.
Nigeria’s external reserves
Nigeria’s gross external reserves stood at approximately $55.09 billion as of October 15, 2026, according to the latest available figures from the CBN.
The reserve position remains an important indicator of the country’s external liquidity and capacity to meet foreign exchange obligations. However, the figures provided do not establish whether the naira’s marginal depreciation was directly linked to changes in the level of external reserves.
The next trading sessions will provide further indications of whether the naira’s movement at the official market represents a temporary fluctuation or the beginning of a more sustained trend.
