By Boluwatife Oshadiya | October 27, 2026
Key Points
- The naira weakens to ₦1,367.61 per dollar at the Nigerian Foreign Exchange Market, from ₦1,361.84 at Friday’s close
- Interbank foreign exchange turnover falls to $614.25 million across 201 deals, compared with $1.01 billion across 315 deals on Friday
- Nigeria’s foreign reserves rise to approximately $55.2 billion, while the parallel-market dollar rate remains at ₦1,370
Main Story
The naira weakened to ₦1,367.6057 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, compared with ₦1,361.8394 at Friday’s close, according to the Central Bank of Nigeria’s daily foreign exchange data.
Transactions took place between ₦1,359 and ₦1,380 per dollar during Monday’s session. Interbank foreign exchange turnover fell to $614.245 million across 201 deals, from $1.010 billion across 315 deals on Friday, indicating a sharp reduction in reported trading activity.
The naira’s latest movement follows a weaker close the previous week. The supplied market report says the currency lost ₦29.58 over the week to close at ₦1,361.84 per dollar. It also identifies international payment demand and lower foreign portfolio inflows as pressures on the local currency, although it provides no separate data quantifying their individual effects.
Nigeria’s foreign reserves rose to approximately $55.2 billion, supported in part by elevated crude oil prices, according to the supplied report. Brent crude traded at $114.40 per barrel on Monday, retreating from recent highs as regional crude exports recovered towards pre-conflict levels, even as tensions in the Middle East continued to pose supply risks.
In other currency markets, the pound rose 3.19% to ₦1,821.46 and the euro gained 2.28% to ₦1,525.12 at the official window. In the parallel market, the dollar remained at ₦1,370, while the pound declined 0.55% to ₦1,800 and the euro fell 0.33% to ₦1,500.
What’s Being Said
The CBN’s daily exchange-rate data provide the official market figures, but the supplied report contains no direct quotation from the bank explaining the naira’s depreciation or the decline in turnover. It also provides no independently attributed analyst response to establish whether the reduced activity reflects temporary trading conditions or a broader change in foreign exchange demand.
What’s Next
- Monitor the next NFEM trading session for changes in the official exchange rate and market turnover.
- Track subsequent CBN reserve data to assess whether the reported increase in foreign reserves continues.
- Watch crude oil prices and foreign portfolio flows for further indications of potential pressure on the naira; the supplied report identifies these as relevant market factors but does not quantify their expected impact.
Bottom Line
The Bottom Line: The naira’s weaker close alongside lower interbank turnover points to continued pressure in the official foreign exchange market, but the turnover decline alone does not establish the cause. Reserve growth provides an important buffer, yet sustained exchange-rate stability also depends on the availability of foreign currency and the balance between demand and inflows.
 on Monday, compared with ₦1,361.8394 at Friday’s close, according to the Central Bank of Nigeria’s daily foreign exchange data.){kind=link}