The naira weakened against the US dollar across Nigeria’s official and parallel foreign exchange markets, while the country’s external reserves recorded a marginal increase, according to data for October 26, 2026.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1,370 per dollar on October 23, compared with N1,365 on October 22, representing a depreciation of N5 or 0.36 per cent, based on Central Bank of Nigeria (CBN) figures.
The currency recorded a steeper decline in the parallel market, where Bureau de Change (BDC) operators quoted the dollar at N1,380 on October 26, up from N1,363 on October 23. Based on the reported rates, the parallel market dollar quotation of N1,380 was N10 above the official market closing rate of N1,370, although the figures relate to different dates.
The movement represented a N17 increase in the dollar’s selling rate, equivalent to a 1.23 per cent depreciation of the naira over the period.
Other major currencies also recorded increases in their parallel market rates, reflecting broader pressure on the local currency.
The British pound rose to N1,842 from N1,823, an increase of N19 or 1.03 per cent. The euro climbed to N1,546 from N1,526, gaining N20 or 1.29 per cent, while the Canadian dollar increased to N984 from N973, up N11 or 1.12 per cent.
Nigeria’s Foreign Reserves Rise Marginally
Despite the naira’s depreciation, Nigeria’s external reserves continued to record modest growth. CBN data showed that the country’s foreign reserves stood at $55.162 billion as of October 22, compared with $55.147 billion on October 21.
The increase of $15 million represented a 0.03 per cent rise over the period.
