Naira Exchange Rate Today: How Much the Dollar, Euro and Pound Trade for in Official Market
- The naira is currently trading at about ₦1,330/$, ₦1,510/€ and ₦1,767/£ in the official market
- The naira has strengthened against the euro as the European currency weakened against the US dollar in the global forex market
- Several factors are helping to support the naira and narrow the gap between official and parallel market rates
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The naira has recorded a notable gain against the euro in the official foreign exchange market, with the European currency falling below the N1,500 mark for the first time since April 2024.
Data from the Central Bank of Nigeria (CBN) showed that the naira closed at N1,497 per euro, reflecting an improvement in the local currency's value as the euro weakened against the US dollar in the international foreign exchange market.
Source: UGC
The development comes as the naira maintains relative stability against the dollar in the official market, supported by foreign exchange market reforms, improved liquidity and Nigeria's external earnings.
Naira Exchange Rate Today Against the Dollar, Euro and Pound
The latest available official exchange-rate data show that the naira traded at approximately N1,329.16 per US dollar, N1,510.06 per euro and N1,766.59 per British pound on October 2, 2026.
The figures provide a snapshot of the naira's performance against the three major international currencies ahead of the next official trading update.
Currency | Official exchange rate |
US dollar ($1) | N1,329.16 |
Euro (€1) | N1,510.06 |
British pound (£1) | N1,766.59 |
Source: CBN exchange-rate data as reported by market sources. Rates are in naira per unit of foreign currency and may change with subsequent trading.
The dollar has remained relatively stable around the N1,330 level in the official market, while the pound continues to command a higher value than both the dollar and the euro.
Why the Naira Is Gaining Against the Euro
The naira's improvement against the euro is partly linked to movements in the international foreign exchange market.
Because the naira's value against the euro is influenced by the dollar's performance, a weakening euro against the US currency can translate into a stronger naira against the European currency, even when the dollar-naira exchange rate remains relatively stable.
The euro's decline from levels above N1,680 in late 2025 to around N1,500 in early October 2026 highlights the scale of the movement.
Nigeria's foreign exchange reforms, tighter monetary policy and improved transparency in the official market have also helped support currency stability by improving access to foreign exchange and limiting speculative activity.
Source: UGC
The naira's outlook will continue to depend on foreign exchange inflows, global currency movements, oil earnings and the Central Bank of Nigeria's monetary policy.
For Nigerians making international payments, the official rates provide a useful benchmark. However, the actual amount charged by banks and other authorised dealers may differ because of transaction fees and the rates applicable when a payment is processed.
Source: Legit.ng
