By Boluwatife Oshadiya | October 28, 2026
Key Points
- The naira appreciates to ₦1,352.8710 per dollar at the Nigerian Foreign Exchange Market on Tuesday, from ₦1,367.6057
- The supplied report attributes the rebound to a reported $500 million CBN intervention, but an official confirmation of the amount was not provided
- NFEM turnover falls about 11.5% to $543.74 million, while Nigeria’s external reserves are reported at $55.2 billion
Main Story
The naira strengthened against the US dollar at the Nigerian Foreign Exchange Market on Tuesday, appreciating to ₦1,352.8710 per dollar from ₦1,367.6057 a day earlier, according to the exchange-rate figures supplied for this report.
The reported rate improvement followed a period of depreciation and was attributed in the source material to a $500 million foreign-exchange intervention by the Central Bank of Nigeria. However, the supplied report does not include an official CBN statement confirming the intervention amount, so that figure requires verification before publication.
Intraday transactions reportedly took place between ₦1,344 and ₦1,368 per dollar. Trading activity also moderated, with NFEM turnover declining to $543.74 million from $614.245 million on the previous trading day. That represents a fall of approximately 11.5%. The number of reported deals slipped to 197 from 201.
Nigeria’s external reserves were reported at $55.2 billion, with the source material attributing the increase to inflows from sources including remittances and hydrocarbon sales. The report also linked oil-market conditions to Nigeria’s foreign-exchange position, although it did not provide a breakdown showing how much each source contributed to reserve accumulation.
The exchange-rate recovery therefore coincided with lower turnover and fewer transactions. The available figures do not establish whether the appreciation will persist or how much of the movement resulted directly from the reported intervention.
What’s Being Said
The exchange-rate and turnover figures supplied for this report indicate that the naira strengthened as activity at the official market eased. No direct CBN statement explaining the movement, confirming the reported $500 million intervention or providing a policy outlook was included in the material. An independent analyst’s assessment was also not supplied.
What’s Next
- Next trading sessions: Monitor the NFEM rate and turnover to determine whether the naira’s appreciation is sustained.
- CBN confirmation: Verify whether the reported $500 million intervention occurred and establish its timing and scope.
- External reserves: Track subsequent reserve data to assess whether the reported upward trend continues alongside movements in oil receipts and other foreign-exchange inflows.
Bottom Line
The Bottom Line: The naira’s appreciation is a positive short-term market move, but the lower turnover and unverified intervention figure make it premature to conclude that underlying foreign-exchange pressures have eased sustainably. Confirmation of the CBN’s reported action and subsequent trading data will be important in distinguishing a temporary rebound from a more durable improvement.
