The naira recorded mixed performance against major international currencies on Tuesday, October 20, 2026, as the dollar strengthened in the parallel market despite a slight appreciation of the local currency at the official foreign exchange market.
Data showed that the naira closed at ₦1,333.76 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, October 19, compared with ₦1,334.20 on Friday, October 16, according to figures from the Central Bank of Nigeria (CBN).
The movement represented a gain of ₦0.44, or approximately 0.03 per cent, against the dollar at the official market.
However, the parallel market recorded a different trend, with Bureau De Change (BDC) operators quoting the dollar at ₦1,365 on Tuesday, up from ₦1,360 on Monday.
The ₦5 increase represented a 0.37 per cent depreciation of the naira against the dollar in the parallel market, reflecting divergent movements across Nigeria’s foreign exchange segments.
Naira Performance Against Other Currencies
The naira strengthened against the pound sterling and the euro in the parallel market but weakened against the Canadian dollar.
The pound sterling traded at ₦1,810 on Tuesday, compared with ₦1,811 on the previous day, representing a ₦1 appreciation of the naira, or approximately 0.06 per cent.
The euro declined to ₦1,520 from ₦1,523, indicating a ₦3 gain for the naira, equivalent to 0.20 per cent. Conversely, the Canadian dollar rose to ₦967 from ₦965, marking a ₦2 increase, or approximately 0.21 per cent depreciation of the naira.
Nigeria’s External Reserves Rise to $55.094 billion
CBN data showed that the country’s external reserves stood at $55.094 billion as of October 16, up from $55.089 billion on the previous day. The increase of $5 million represented a rise of approximately 0.01 per cent.
External reserves provide the CBN with a buffer to support international payments and help manage foreign exchange market pressures. However, movements in reserves alone do not determine the direction of the naira, which is also influenced by foreign currency supply, demand, capital flows and broader market conditions.
