Naira Weakens Against Dollar, Pound and Euro, Reserves Rise
- The naira depreciated to N1,332.10 per dollar in the official market on Thursday, October 8, 2026, while gaining N5 in the parallel market.
- Foreign exchange turnover surged by 350% to $326.12 million, according to Central Bank of Nigeria data.
- Nigeria’s foreign reserves rose to about $54.98 billion, while the naira also weakened against the pound and euro.
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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 Nigerian naira weakened against the United States dollar, pound sterling and euro in the official foreign exchange market on Thursday, October 8, 2026, despite a sharp increase in trading activity.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the dollar traded at N1,332.10, compared with N1,331.77 recorded on Wednesday.
Source: Getty Images
The movement represented a depreciation of 33 kobo, or approximately 0.02%, against the dollar.
The local currency also lost ground against other major currencies. It exchanged at N1,759.17 per pound sterling, compared with N1,757.14 a day earlier.
Against the euro, the naira weakened to N1,490.22 from N1,489.05 recorded in the previous session.
Naira gains in parallel market
In contrast to its performance in the official market, the naira strengthened against the dollar in the parallel market.
The currency appreciated by N5 to close at N1,360 per dollar, compared with N1,365 recorded on Wednesday.
The divergent movements indicate that the naira continued to experience different pricing trends across the official and parallel foreign exchange markets.
FX turnover rises sharply
Trading activity in the official market increased significantly during the session.
Data from the CBN showed that interbank foreign exchange turnover rose to $326.116 million on Thursday from $72.475 million recorded on Wednesday.
This represented an increase of approximately 350%. The number of foreign exchange transactions also climbed to 192 from 83 in the previous session.
The increase in turnover came as Nigeria’s external reserves continued to strengthen.
The country’s foreign exchange reserves rose by about $2.72 million to approximately $54.983 billion as of October 6, 2026.
Source: Getty Images
CBN exchange rates for major currencies
The following were the selling rates for selected currencies on Thursday, October 8, 2026:
- CFA: N2.27
- Yuan/Renminbi: N198.75
- Danish krona: N199.36
- Euro: N1,490.22
- Yen: N8.42
- Riyal: N354.80
- South African rand: N80.00
- SDR: N1,800.79
- Swiss franc: N1,597.44
- Pounds sterling: N1,759.17
- US dollar: N1,332.10
- WAUA: N1,800.13
- UAE dirham: N362.70
Tanzania restricts dollar use for local transactions
Earlier, Legit.ng reported that Tanzania introduced rules requiring domestic transactions to be conducted in its national currency, the Tanzanian shilling, rather than foreign currencies such as the US dollar.
The policy directs businesses and individuals to display prices and accept payments in shillings for goods and services sold within the country.
According to a public notice signed by Bank of Tanzania Governor Emmanuel M. Tutuba, the measure is intended to strengthen the use of the local currency.
Source: Legit.ng
