The naira strengthened to N1,333 per dollar at the Nigerian Foreign Exchange Market (NFEM) on October 14, 2026, ahead of the release of Nigeria’s September inflation report by the National Bureau of Statistics (NBS).

Data from the Central Bank of Nigeria (CBN) showed that the currency gained N2.50 from its October 13 closing rate of N1,335.50 per dollar, while reported foreign exchange turnover varied across recent trading sessions.

The currency’s latest movement comes as investors await fresh inflation data following a third consecutive month of easing headline inflation in August.

Naira strengthens ahead of inflation data

The naira closed at N1,333 per dollar on October 14, improving from N1,335.50 the previous trading day. The exchange rate traded between N1,330 and N1,334.50 during the session, with a weighted average rate of N1,332.59.

  • The currency closed at N1,332.99 per dollar on October 12, before weakening to N1,335.50 on October 13.
  • On October 9, the naira closed at N1,332.49, while the October 8 closing rate was N1,333.55.
  • The October 14 closing rate was also stronger than the N1,332.90 recorded on October 5 and the N1,332 recorded on October 2.

The latest appreciation follows several sessions of movement within the N1,320 to N1,336 range in September and October, according to CBN data. The September 8 closing rate was N1,322.90, while the currency closed at N1,334 on September 9 before retreating to N1,328 on September 10.

FX turnover swings across sessions

The latest exchange-rate data also showed differences in reported turnover between the NFEM and interbank market segments.

  • As of October 14, the CBN had yet to publish data on NFEM turnover for the trading session at the time of filing this report, despite 179 interbank deals and a reported interbank turnover of approximately N490.86 million.
  • On October 13, NFEM turnover was about N426.11 million, while interbank turnover stood at approximately N93.16 million.
  • On October 12, NFEM turnover was about N479.38 million, compared with interbank turnover of N36.24 million.
  • On October 8, NFEM turnover reached approximately N1.21 billion, while interbank turnover was about N326.12 million.
  • On October 6, NFEM turnover was approximately N1.01 billion, compared with interbank turnover of N313.55 million.

The figures indicate that reported turnover differed considerably from one session to another. However, the zero NFEM turnover recorded on October 14 should not be interpreted as an absence of foreign exchange trading across all market segments, given the interbank activity recorded in the same data.

September inflation report in focus

The NBS is expected to release its September Consumer Price Index (CPI) report on October 15, providing an update on the direction of inflation and price pressures in Nigeria.

Nigeria’s headline inflation rate eased marginally to 15.39% in August 2026 from 15.43% in July, extending the disinflation trend for a third consecutive month.

The September report will show whether the moderation continued during the month. The latest exchange-rate movement comes as investors monitor domestic inflation alongside developments in global currency markets.

Internationally, the US dollar recently retreated from an 18-month peak, despite hotter-than-expected inflation data. Cautious comments from Federal Reserve officials and lower Treasury yields reduced expectations of an October interest-rate increase.

The dollar index, which measures the US currency against a basket of major currencies, fell 0.1% to 102.06 in the cited market update. The euro and British pound also recorded gains against the dollar.