The naira closed at N1,332.90 per dollar on October 5, 2026, as foreign exchange activity remained mixed at the start of the new trading month.

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira weakened slightly from N1,332 on October 2.

The latest rate comes after the currency traded within a relatively narrow range in the first two trading sessions of October, following several weeks of fluctuations in September.

Naira trades within narrow range

The naira’s October 5 closing rate of N1,332.90/$ was 90 kobo weaker than the N1,332/$ recorded on October 2. The currency traded between N1,329 and N1,333.50 during Monday’s session, with a weighted average rate of N1,331.6875/$.

  • The simple average rate stood at N1,331.2953/$.
  • The naira’s October 2 closing rate was N1,332/$, after trading between N1,329 and N1,333.
  • The September 30 closing rate was N1,329.50/$, showing that the currency has remained around the N1,330 level entering October.
  • The September 29 and September 28 closing rates were N1,331/$ and N1,331.50/$ respectively.

The latest movements indicate that the naira has remained relatively stable around the N1,330/$ level despite changes in daily trading activity.

NFEM trading activity remains uneven

Trading volumes have varied considerably across the latest sessions, highlighting uneven activity in the foreign exchange market.

The apex bank has not provided October 5 data for NFEM total deals as of the time of this report, although 103 interbank deals were reported with total interbank turnover of about $72.12 million.

  • October 2 recorded 249 NFEM deals and total turnover of $569.80 million, alongside interbank turnover of $154.02 million.
  • September 30 recorded NFEM turnover of $537.97 million from 323 deals, while interbank turnover stood at $179.58 million.
  • September 29 recorded $530.44 million in NFEM turnover from 290 deals, with interbank turnover of $80.58 million.
  • September 28 recorded $196.68 million in NFEM turnover from 206 deals, with interbank turnover of $24.73 million.

The figures show that trading activity has not followed a consistent upward or downward path, even as the exchange rate has remained within a relatively tight range.

Weekly FX turnover falls 35.41%

The latest daily figures follow a broader decline in foreign exchange trading activity during the week ended October 2.

  • Nairametrics previously reported that total turnover across Nigeria’s FX Spot and Derivatives markets fell 35.41% to $1.70 billion from $2.63 billion in the previous week.
  • The decline was driven by lower activity across the relevant market segments during the review period.
  • The week ended October 2 recorded total FX Spot and Derivatives turnover of $1,696.97 million.
  • This was down from $2.63 billion recorded in the preceding week.

The weekly decline came as spot-market activity weakened during the period.