Naira Depreciates to N1,331/$1 at Official Market, CBN Releases New Exchange Rates
- The naira weakened by N1.60 against the US dollar at the official foreign exchange market on Monday
- The local currency also lost ground against the pound but strengthened against the euro during the session
- FX turnover fell by 53.2% to $72.119 million, despite an increase in the number of deals
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira depreciated against the United States dollar on Monday, October 5, at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The local currency fell by N1.60, or 0.12%, to close at N1,331.69/$1, compared with N1,330.09/$1 recorded in the previous trading session.
Source: Getty Images
The naira also weakened against the pound sterling in the official market, losing 25 kobo to close at N1,759.83/£1 from N1,759.58/£1 previously.
However, the local currency gained N4.60 against the euro, appreciating to N1,492.16/€1 from N1,496.76/€1 recorded at the previous session.
In the parallel market, traders told Legit.ng that the naira exchange rate fell against the US dollar.
Abudullhi, a BDC trader, told Legit.ng:
"We sold the naira N1,360/$1 and buy at N1,380 on Monday."
The currency also maintained its rate at N1,338/$1 at the GTBank foreign exchange counter.
FX turnover declines
Data from the Central Bank of Nigeria showed that foreign exchange turnover at the official market dropped significantly during the session.
FX turnover declined by 53.2% to $72.119 million on Monday from $154.021 million recorded in the previous session.
Despite the fall in turnover, the number of deals increased to 103 from 70.
The development came amid expectations among Nigerian businesses that the naira could record modest gains against the US dollar in the coming months.
However, businesses continue to face challenges including multiple taxation, insecurity and high interest rates, which could weigh on economic activity and investment.
Source: Getty Images
CBN exchange rates
The Central Bank of Nigeria's official selling rates for other major currencies on October 5 were:
- CFA: N2.28
- Yuan/Renminbi: N198.62
- Danish Krona: N199.60
- Euro: N1,492.16
- Yen: N8.41
- Riyal: N354.62
- South African Rand: N80.07
- SDR: N1,801.55
- Swiss Franc: N1,601.93
- Pounds Sterling: N1,759.83
- US Dollar: N1,331.69
- WAUA: N1,800.38
- UAE Dirham: N362.57
Businesses positive about naira as new exchange rates emerge
Earlier, Legit.ng reported that the naira has held relatively firm against the United States dollar, with Nigerian businesses signalling expectations of modest currency gains in the months ahead, according to the Central Bank of Nigeria's Business Expectations Survey for September 2026.
The CBN survey showed that businesses were broadly optimistic about the macroeconomic environment, with the Business Confidence Index coming in at 13.4 points in September.
Respondents said they expected the naira to remain stable and record modest appreciation against the dollar across various review periods.
Source: Legit.ng
