The naira closed at N1,331.50 per dollar on October 6, 2026, as foreign exchange market activity remained volatile at the start of October.

Data from the Nigerian Foreign Exchange Market (NFEM) showed that the currency strengthened by N1.40from N1,332.90/$ on October 5, after trading between N1,330 and N1,333 during the session.

The latest movement came amid wide swings in daily NFEM turnover, with trading activity ranging from $196.68 million to $619.22 million in the most recent sessions for which turnover was reported.

Naira remains around N1,330/$

The naira’s October 6 closing rate of N1,331.50/$ was supported by a weighted average rate of N1,330.8745/$, while the currency traded within a three-naira range during the session.

  • The simple average rate stood at N1,331.2548/$.
  • The October 5 closing rate was N1,332.90/$, with the currency trading between N1,329 and N1,333.50.
  • On October 2, the naira closed at N1,332/$ after trading between N1,329 and N1,333.
  • The September 30 closing rate was N1,329.50/$, indicating that the currency has remained broadly around the N1,330 level into October.

The relatively narrow exchange-rate movements contrast with the sharper fluctuations recorded in daily market turnover.

NFEM turnover swings across sessions

NFEM trading activity has varied significantly in the latest sessions, with reported turnover moving higher and lower despite the relatively stable exchange rate.

October 5 recorded NFEM turnover of $619.22 million from 287 deals, compared with $569.80 million on October 2 from 249 deals. The CBN had not reported the NFEM total turnover for October 6 as of the time of filing this report.

  • September 30 recorded $537.97 million in NFEM turnover from 323 deals.
  • September 29 recorded $530.44 million from 290 deals.
  • September 28 recorded $196.68 million from 206 deals.
  • September 23 recorded one of the highest recent figures at $732.45 million from 389 deals.

The figures show that daily market liquidity and transaction volumes have been uneven, even though the naira has remained within a relatively tight range.

Stronger growth outlook supports reforms

The latest currency movement comes as international institutions continue to signal improved confidence in Nigeria’s economic outlook.

  • The World Bank recently raised Nigeria’s 2026 economic growth forecast to 4.3% from 4.0% in 2025, with growth projected at 4.4% annually in 2027 and 2028.
  • The lender included Nigeria among Zambia, Ethiopia and Angola as countries whose growth forecasts were upgraded, citing the impact of economic reforms and improved economic management.
  • Nigeria’s real GDP grew by 4.43% year-on-year in Q2 2026, according to the National Bureau of Statistics.
  • The World Bank expects economic activity to strengthen further through 2027 and 2028.

S&P Global Ratings upgraded Nigeria’s long-term foreign and local currency credit ratings to ‘B’ from ‘B-’, citing improvements associated with the country’s reforms and foreign-exchange developments.