Naira Gains as Nigeria’s Foreign Reserves Near $55 Billion
The naira posted a slight gain against the US dollar in the foreign exchange market on Tuesday, amid a lack of international payment pressure on FX liquidity at the official window.
The local unit closed at N1330.8745 to the US dollar, appreciating from N1331.6875 quoted the previous day at the Nigerian Foreign Exchange Market (NFEM).
The spot exchange rate hovered between N1330 and N1333 during the trading session with data from the Central Bank of Nigeria (CBN) showing a sharp increase in interbank FX turnover.
The local unit lost 0.42% against the British pound and 0.39% against the euro, at N1,767.14/£ and N1,498.03/€, AIICO Capital Limited told investors in its update released today.
In the parallel market, the Naira gained 0.73% against the dollar and 0.65% against the euro, at N1,360.00/$ and N1,530.00/€, but lost 0.55% against the pound at N1,835.00/£.
The parallel and official dollar spread narrowed to about N29 as foreign exchange reserves rose by $29.05 million to $54.98 billion on 05 October 2026. Year to date, the dollar is down 7.31% against the Naira at NAFEM and 7.48% in the parallel market
Traders said financial institutions’ activity in the interbank market increased significantly following a low-beat report on Monday. NAFEM interbank FX turnover rose to $313.545 million, up by 335% in 24 hours from $72.119 million on Monday, CBN daily report revealed.
Nigeria’s growing foreign reserves continue to bolster confidence in the currency market, with gross balance rising to about $55 billion. The market expects Nigeria’s gross reserves, which surged to $54.98 billion, to top $55 billion this week – all things being equal.
In the global commodity market, Brent crude fell 0.28% to $100.04 per barrel, as more crude was exported from the Middle East and the G7 released emergency stockpiles to ease supply worries. Losses were limited by lingering security risks in the region.
