Naira Gains Against Dollar at NAFEM As Forex Turnover Jumps
- The naira recorded a marginal gain against the US dollar in the official foreign exchange market on Tuesday
- NAFEM forex turnover surged from $72 million to over $313 million in a single trading session
- Nigeria's gross external reserves climbed to nearly $55 billion, driven by stronger oil output and foreign investments
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira edged higher against the US dollar in the official market on Tuesday, October 6, 2026, closing at N1,330.87 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the Central Bank of Nigeria (CBN).
That closing rate marked an 82-kobo improvement compared with the N1,331.69 per dollar recorded in the previous session, representing a 0.06% gain for the local currency.
Source: Getty Images
Naira depreciates against pound, euro
The modest dollar gain was not matched across all major currencies. The naira weakened against the British pound, falling N7.31 to close at N1,767.14 per pound, from N1,759.83 in the prior session.
The local currency also lost ground against the euro, shedding N5.87 to trade at N1,498.03 per euro, compared with N1,492.16 recorded the day before.
In the parallel market, the naira held steady against the dollar, with the exchange rate remaining flat at N1,370 per dollar.
Forex turnover rises sharply
Trading volumes in the official market surged during the session.
NAFEM interbank forex turnover jumped 334.8% to $313.545 million, up from $72.119 million in the previous session, with 103 deals recorded during the trading day.
Nigeria's gross external reserves also moved closer to the $55 billion threshold, rising by roughly $24.99 million to about $54.95 billion as of October 2, 2026.
The increase has been linked to stronger crude oil production, a pickup in foreign portfolio investments and a slowdown in import-related outflows.
Source: Getty Images
Snapshot of naira rates in the official market
Here is how the naira performed against other major currencies in the official market:
- US dollar: N1,330.87
- Pounds sterling: N1,767.14
- Euro: N1,498.03
- Swiss franc: N1,600.76
- SDR: N1,802.78
- WAUA: N1,800.87
- UAE dirham: N362.33
- Riyal: N354.54
- Yuan/Renminbi: N198.50
- Danish krone: N200.37
- South African rand: N80.43
- Yen: N8.42
- CFA: N2.27
SEC to introduce new rules for brokers, platforms
Earlier, Legit.ng reported that Nigeria's Securities and Exchange Commission (SEC) is drawing up tighter rules for companies that offer online foreign exchange and contracts for differences (CFDs) trading to retail customers, as the regulator steps up oversight of a market that has grown rapidly in recent years.
Under the draft framework, the minimum paid-up capital a company must hold will depend on the type of operation it runs.
Market-making brokers would be required to hold at least N3 billion, while brokers operating straight-through-processing (STP) and electronic communication network (ECN) models would need a minimum of N2 billion.
Source: Legit.ng
