Foreign exchange spending in Nigeria rose 78.1% from a year earlier to $7.61bn in June 2026, the highest monthly total in a series that starts in April 2022, according to the Central Bank of Nigeria's (CBN) second-quarter statistical bulletin, as reported by Nairametrics. Payments for services and other invisible transactions took $5.63bn, while imports of goods took $1.98bn, the data showed.
Analysis: Services accounted for about 96% of the $3.34bn year-on-year increase in foreign-exchange payments, by our calculation. Spending on goods imports rose only 7.6%. Payments classified as financial services doubled to $3.50bn, but the central bank did not provide a breakdown of the category, which can include different investment and financing transactions. The figures point to stronger demand for foreign exchange outside merchandise imports, without identifying all the underlying transactions. The CBN's third-quarter bulletin may show whether the pattern continued, although the bank has not announced a publication date.
Source: Nairametrics, CBN Quarterly Statistical Bulletin Q2 2026 (FX utilisation tables), as reported by Nairametrics, October 26, 2026, June 2026 and June 2025
The naira weakened to 1,367.61 per dollar on Nigeria's official market on October 26 from 1,334.72 on October 21, its weakest daily average since the end of July, the Central Bank of Nigeria (CBN) said. The closing rate, however, recovered to 1,365 from 1,370 on October 23. Turnover reached $3.24bn on October 23, the highest since the CBN began publishing daily totals in March 2026, the bank's data showed. The official rate then strengthened to 1,352.87 on October 27, Nairametrics reported, citing CBN data.
Analysis: The decline wiped out the naira's gains since late July, though the currency remained around 6% stronger than a year earlier, by our calculation. Gross foreign reserves edged up to $55.18bn on October 23, so the latest exchange-rate movement did not coincide with a reduction in reported reserves. A weaker naira raises the local-currency cost of dollar-denominated imports and could add to inflation if sustained. October consumer price figures, expected from NBS around mid-November, may indicate whether the exchange-rate change is beginning to affect prices.
Source: Central Bank of Nigeria, CBN NFEM daily rates (JSON feed of the Exchange Rates page), 26 October 2026 and 23 October 2026 and 22 October 2026 and 27 October 2025; Central Bank of Nigeria, CBN, Nigerian Foreign Exchange Market (NFEM) Rates table, 21 October 2026; Central Bank of Nigeria, CBN, NFEM Rates table, 21 October 2026; Central Bank of Nigeria, CBN, Nigerian Foreign Exchange Market (NFEM) Rates table (JSON feed /api/GetAllNFEM_Rates behind the rates page), 31 July 2026; Central Bank of Nigeria, CBN Movement in Foreign Reserves (JSON feed), 23 October 2026; Central Bank of Nigeria, CBN, Movement in Foreign Reserves (API GetAllReservesGRAPH), 20 October 2026; Nairametrics, Nairametrics, 'Naira gains N8 against dollar, biggest daily rise since August', October 28, 2026 (CBN NFEM data for October 27), 27 October 2026; European Central Bank, ECB euro foreign exchange reference rates, US dollar (USD) page, 28 October 2026
Nigeria's central bank sold 2.63tn NGN (€1.75bn) of open market operation bills on October 22 against 2.0tn NGN (€1.33bn) offered, the Central Bank of Nigeria (CBN) said. The 180-day bill cleared at 17.14%, up from 16.94% for a 182-day bill on September 29, while the 138-day bill cleared at 17.63%, against 17.24% for a 147-day bill at that earlier sale, the bank said.
Analysis: Auction yields rose for the first time since the central bank's September 22 rate cut, although they remained below the 18.4% to 19.6% range seen in early September. Bills yielding above 17% offered more than the roughly 15.9% return on one-year Treasury bills. The CBN may be seeking to absorb additional naira liquidity, but the auction alone does not establish that motive. Higher short-term returns can make central bank securities attractive relative to bank lending. The results of the October 28 Treasury bill auction may show whether government funding costs also rise.
Source: Central Bank of Nigeria, CBN Government Securities Summary, OMO results (JSON feed), 22 October 2026 and 29 September 2026 and September 2026 (before the MPC cut); Central Bank of Nigeria, CBN, Government Securities Summary - Primary Market (NTB), 14 October 2026; Central Bank of Nigeria, CBN, Key Decisions of the Monetary Policy Committee, September 21-22, 2026, September 2026; Nairametrics, Nairametrics, 'Naira gains N8 against dollar, biggest daily rise since August', October 28, 2026 (CBN NFEM data for October 27), 27 October 2026; European Central Bank, ECB euro foreign exchange reference rates, US dollar (USD) page, 28 October 2026
Nigeria's 750-kilometer Lagos-Calabar Coastal Highway will be completed in just over three years, Works Minister David Umahi told Arise News on October 23, as reported by Nairametrics. Work is under way on five of nine sections, with Rivers, Delta, Bayelsa and Edo still to be covered, he said. In September 2024 he had put the whole project at about eight years from its March 2024 start, Arise News reported.
Analysis: The minister's new timetable implies completion around 2030 rather than the roughly 2032 date in the earlier estimate, by our calculation. But four of the nine sections have not been awarded, and design and procurement are being handled separately along the 750-km route. The final cost and route through the Niger Delta therefore remain uncertain. Contractors and building-material suppliers could gain further orders as new sections are let. The more immediate milestone is Section Two at the Lagos-Ogun border, which the minister said in May was due in November.
Source: Nairametrics, Works Minister David Umahi, interview with Arise News, October 23, 2026, as reported by Nairametrics, October 2026; Nairametrics, Arise News, October 23, 2026; also Nairametrics, October 23, 2026 ("What you should know"), September 2024 (estimate); Nairametrics, Arise News, October 23, 2026, November 2026 (target)
Nigeria commissioned six electricity transmission substations in Kano and Katsina states, adding 640 megawatts (MW) of capacity to the national grid, the Ministry of Power said in an October 24 statement, as reported by Nairametrics. Four substations in Kano account for 544MW, while two units at Kankia in Katsina add 96MW, the ministry said.
Analysis: The new capacity in Kano and Katsina is close to the 672 MW the ministry attributed to transformer installations at four Lagos substations. These upgrades allow more power to be transmitted but do not themselves add generation. Industrial users could reduce reliance on diesel generators if sufficient electricity reaches the upgraded network. The ministry said one Kano manufacturer, Lee Group, had returned to grid power after more than 30 years of self-generation. The next announced milestone is a new substation at Mashi in Katsina, scheduled for March 2027.
Source: Nairametrics, Federal Ministry of Power statement, October 24, 2026, as reported by Nairametrics, October 2026 and not stated (Apapa Road and Ijora units August 2026; reported October 24, 2026); Nairametrics, Arise News, October 24, 2026 (Ministry of Power statement), March 2027 (target) and October 2026
Chart of the week
Naira per US dollar, official daily rate, October 21–27, 2026
1,334.7
1,344.4
1,361.8
1,367.6
1,352.9
21 October 202622 October 202623 October 202626 October 202627 October 2026
Daily weighted average of the Nigerian Foreign Exchange Market (NFEM), the official rate published by the central bank CBN, for each trading day; a higher number means a weaker naira. October 27 is as reported by Nairametrics from CBN data. The week's lead series, foreign-exchange payments, has too few monthly readings in our records to chart.. Source: Central Bank of Nigeria, CBN, Nigerian Foreign Exchange Market (NFEM) Rates table, 21 October 2026; Central Bank of Nigeria, CBN NFEM daily rates (JSON feed of the Exchange Rates page), 22 October 2026 and 23 October 2026 and 26 October 2026; Nairametrics, Nairametrics, 'Naira gains N8 against dollar, biggest daily rise since August', October 28, 2026 (CBN NFEM data for October 27), 27 October 2026.
Tender of the week
330kV transmission lines from Kainji to Kalgo and Katsina to Jogana (Northern Corridor, lots 1 and 3)
Buyer
Transmission Company of Nigeria (TCN), project implementation unit
Scope
Design, supply, installation, rehabilitation and commissioning of 330kV double-circuit lines: lot 1, a 294km line from Kainji to Kalgo along the existing Kainji-Birnin Kebbi route; lot 3, a 211km line linking the Katsina, Daura, Gwiwa and Jogana substations. International competitive bidding, single stage. Lot 2 (Kalgo-Sokoto, 145km) is not part of this tender.
Value
Not published; bid securities of $2mn for lot 1 and $1.6mn for lot 3
Funding
Loan from the French Development Agency (AFD), no. CNG-1036, and a European Union grant (Northern Corridor Transmission Project)
Closes
Thursday, January 14, 2027
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