Naira Weakens Against Dollar in Official and Parallel Markets

The Nigerian naira faced further depreciation against the US dollar in early October 2026, continuing its downward trend in both the official and parallel foreign exchange markets.

On 2 October 2026, the naira closed at N1,332.00 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), marking a N2.50 decline from the previous session on 30 September. This 0.19% drop in the official exchange rate reflects ongoing pressure on the naira's value, according to data from the Central Bank of Nigeria (CBN).

In the parallel market, the dollar also strengthened, rising to N1,353.00 per dollar on 5 October from N1,350.00 per dollar on 2 October. This N3.00 increase represents a 0.22% depreciation of the naira, widening the gap between the parallel market rate and the NAFEM rate to about N21 per dollar.

Other major currencies also saw shifts against the naira. The British pound weakened to N1,790.00 per pound from N1,800.00 per pound, a 0.56% appreciation for the naira. Similarly, the euro declined to N1,517.00 per euro from N1,530.00 per euro, while the Canadian dollar eased to N950.00 per dollar from N954.00 per dollar.

Despite the naira's decline, Nigeria's external reserves saw a slight increase, rising to $54.926 billion as of 30 September 2026, up from $54.920 billion the previous day, according to CBN figures.