Naira Bounces Back Against US Dollar As FX Turnover Falls, Reserves Rise
- The naira appreciated by N14.74 against the US dollar to close at N1,352.87/$1 at the official market on Tuesday, October 27, 2026
- The local currency also strengthened against the pound sterling and euro, closing at N1,803.24/£1 and N1,508.59/€1, respectively
- Interbank foreign exchange turnover fell by 28.2% to $543.74 million, while Nigeria's external reserves rose to $55.2 billion
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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 strengthened against the US dollar, pound sterling and euro at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 27, 2026.
The local currency gained N14.74 against the dollar to close at N1,352.87/$1, compared with N1,367.61/$1 recorded in the previous session.
Source: Getty Images
The naira also appreciated against the British pound, gaining N22.51 to close at N1,803.24/£1, compared with N1,825.75/£1 previously.
Against the euro, the currency strengthened by N21.76 to close at N1,508.59/€1, compared with N1,530.35/€1 recorded on Monday.
However, the naira remained unchanged in the parallel market, trading at N1,380/$1.
FX turnover declines as naira strengthens
Data from the Central Bank of Nigeria (CBN) showed that interbank foreign exchange turnover fell by approximately 11.5% to $543.74 million from $614.245 million recorded in the previous session.
The number of foreign exchange deals also declined to 197 from 201, indicating a slight reduction in trading activity in the official market.
The naira's appreciation came amid reports of dollar liquidity support from the CBN through authorised dealer banks following recent pressure on the local currency.
The intervention was aimed at easing foreign exchange demand pressures and supporting the naira after its recent depreciation.
Meanwhile, Nigeria's external reserves reportedly rose to $55.2 billion, supported by inflows from sources including diaspora remittances and hydrocarbon exports.
Higher external reserves can help strengthen confidence in the country's ability to meet foreign exchange obligations and manage pressure on the naira.
Source: Getty Images
Other currency selling rates
The reported selling rates for other currencies on October 27 were:
- CFA: N2.35
- Chinese yuan/renminbi: N202.90
- Danish krone: N201.81
- Euro: N1,508.59
- Japanese yen: N8.57
- Saudi riyal: N360.40
- South African rand: N81.26
- Special Drawing Rights (SDR): N1,829.89
- Swiss franc: N1,632.72
- Pound sterling: N1,803.24
- US dollar: N1,352.87
- West African Unit of Account (WAUA): N1,854.42
- UAE dirham: N368.36
SEC proposes new forex rules
Earlier, Legit.ng reported that the Securities and Exchange Commission (SEC) has proposed sweeping new rules to govern online foreign exchange and Contracts for Difference (CFD) trading in Nigeria, covering everything from how brokers are licensed to how they advertise their services and protect client money.
The proposed framework, which is not yet in force, would apply to operators offering these services to Nigerian residents.
It could also extend to offshore platforms that target Nigerians through local advertising, influencers or affiliate partnerships.
Source: Legit.ng
