By Boluwatife Oshadiya | September 30, 2026
Key Points
- Naira appreciates 0.06% to ₦1,330.47 per US dollar at the Nigerian Foreign Exchange Market
- Interbank FX turnover rises 226% to $80.58 million as dollar liquidity improves
- Parallel-market rate strengthens to ₦1,375, narrowing the official-market spread to about ₦45
Main Story
The naira strengthened against the US dollar on Tuesday as improved dollar liquidity and higher interbank activity supported trading at the official foreign exchange market.
According to daily FX data obtained from MarketForces Africa, the naira gained 0.06% to close at ₦1,330.4737 per US dollar at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,331.3292 recorded in the previous trading session.
Transactions were executed between ₦1,327.5000 and ₦1,331.5000, indicating a relatively narrow trading range during the session. Central Bank of Nigeria data showed that interbank FX turnover rose by about 226% to $80.582 million from $24.731 million previously.
The stronger turnover coincided with increased activity by financial institutions at the interbank FX window, pointing to improved dollar liquidity during the session.
The naira also appreciated in the parallel market, gaining 0.36% to ₦1,375 per dollar. The move narrowed the gap between the parallel and official rates to about ₦45, compared with approximately ₦49 previously.
The local currency also strengthened against other major currencies. AIICO Capital Market Limited said the official rate closed at ₦1,760.62 per British pound and ₦1,509.56 per euro. In the parallel market, the naira traded at ₦1,855 per pound and ₦1,550 per euro.
Nigeria’s gross external reserves were reported at $54.91 billion, up from $45.50 billion at the start of the year.
What’s Being Said
AIICO Capital Market Limited’s FX update pointed to firmer naira performance against the pound and euro alongside the dollar during the session.
MarketForces Africa’s data showed that the increase in interbank turnover coincided with the naira’s appreciation at the official market, suggesting that improved FX activity was an important feature of Tuesday’s trading.
What’s Next
The direction of the naira will continue to depend on dollar liquidity and activity in the interbank market. Further changes in FX turnover, official-market supply and the parallel-market rate will determine whether the narrower spread is sustained in subsequent sessions.
Bottom Line
The naira’s Tuesday appreciation was accompanied by a sharp increase in interbank FX turnover and a narrower gap between official and parallel-market rates. The immediate market signal is improved FX liquidity, although sustained currency stability will depend on whether stronger market activity and dollar supply persist.
