Naira Weakens on FX Liquidity Shortfall, Dollar Spread Widens
The Nigerian naira slid against Western currencies as foreign exchange market data showed a gap between international payments and supply strength.
According to data from the Central Bank of Nigeria (CBN), financial institutions’ activity at the interbank window increased but delivered a lower FX turnover for the day.
The spot FX rate closed at N1331.6875 to the US dollar at the Nigerian foreign exchange market (NFEM), depreciating from N1,330.0965 the previous day. The naira exchange rate hovered between N1,329 and N1,333.5000 per greenback during the intraday session.
NFEM interbank FX turnover declined sharply to $72.119 million in 103 deals, down more than 53% from $154.021 million generated from 70 deals. The naira declined 0.01% against the pound to N1,759.83/£, while it gained 0.31% against the euro to N1,492.16/€.
In the parallel market, the Naira lost 1.11% against the dollar to N1,370.00/$ but gained 1.62% against the pound and 0.65% against the euro, at N1,825.00/£ and N1,540.00/€. The move widened the dollar spread to about N38.
Latest data showed that Nigeria’s gross external reserves rose by about $24.99 million to approximately $54.95 billion on 02 October 2026.
Gold was largely unchanged, slipping 0.04% to $4,137.90 per ounce, while silver gained 1.27% to $61.18. Investors held back as they waited for fresh direction from U.S. rates.
Brent crude eased 0.40% to c. $101.84 per barrel, and U.S. West Texas Intermediate (WTI) fell 0.41% to $90.74 per barrel after more crude was exported from the Middle East and major advanced economies promised to boost supply.
#Naira Weakens on FX Liquidity Shortfall, Dollar Spread Widens Nigerian Eurobonds Dumped as U.S. Yields Hit 24-Year High
