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