By Boluwatife Oshadiya | November 2, 2026
Key Points
- Naira closes the month at ₦1,346.2565/$ at the official foreign exchange window following a reported $500 million CBN intervention
- Foreign reserves rise by 0.14% to $55.26 billion, while the naira depreciates 0.47% in the parallel market to ₦1,369/$
- Brent and WTI crude trade at $116.56 and $103.35 per barrel respectively, while Nigeria’s Bonny Light falls 8.19% to $119.23
Main Story
The naira strengthened at the official foreign exchange window to ₦1,346.2565 per dollar at the end of October after a reported $500 million intervention by the Central Bank of Nigeria (CBN).
Data attributed to the CBN showed that the currency gained against the dollar during the week after the Apex Bank reportedly sold foreign exchange to authorised dealers to address a liquidity shortfall. The intervention followed an earlier depreciation that pushed the official spot rate to about ₦1,367/$.
The naira opened October at ₦1,329.16/$ before weakening during the month. Its performance was not uniform across markets, however, as the currency depreciated by 0.47% week-on-week in the parallel market, where it closed at ₦1,369/$.
Nigeria’s external reserves increased marginally by 0.14% to $55.26 billion, indicating a slight improvement in the country’s external liquidity position. The supplied market report attributed the reserve increase to remittances and hydrocarbon sales.
In the wider currency market, the pound traded at ₦1,803.24 at the Nigerian Foreign Exchange Market (NFEM), while the euro weakened to ₦1,508.59. Both currencies were reportedly unchanged in the parallel market.
Global oil prices remained elevated during the period. Brent crude and West Texas Intermediate (WTI) traded at $116.56 and $103.35 per barrel respectively, while Nigeria’s Bonny Light declined by 8.19% to $119.23 per barrel.
The report said the naira could remain mixed across foreign exchange markets in the near term, with marginal reserve growth and potential foreign exchange inflows providing support.
What’s Being Said
The supplied report attributes the naira’s fluctuations to a broader market adjustment as investors anticipate continued monetary easing alongside Nigeria’s disinflationary stance. However, it does not identify the FX analysts cited by MarketForces Africa or provide a direct quotation.
The reported $500 million CBN intervention is also not accompanied by a direct CBN statement in the supplied material. An official confirmation and a named independent analyst’s assessment are needed to strengthen this section.
What’s Next
- Foreign exchange supply: Market participants will monitor whether the CBN continues to provide liquidity to authorised dealers after the reported intervention.
- External reserves: The next reserve updates will indicate whether the marginal increase to $55.26 billion can be sustained.
- Oil market: Movements in Brent, WTI and Bonny Light prices will remain relevant to Nigeria’s foreign exchange supply and external receipts.
The Bottom Line:
The naira’s official-market recovery points to the immediate value of additional dollar supply, but its weaker parallel-market performance shows that the improvement has not translated into uniform currency stability. Sustained gains will depend on consistent foreign exchange inflows and improved liquidity across market segments.
