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 N1.40 from 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 $619.22 million in the most recent sessions for which turnover was reported.
The naira’s October 6 closing rate of N1,331.50/$ was supported by a weighted average rate of N1,330.8745/$, while the currency traded within a three-naira range during the session.
The relatively narrow exchange-rate movements contrast with the sharper fluctuations recorded in daily market turnover.
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.
The figures show that daily market liquidity and transaction volumes have been uneven, even though the naira has remained within a relatively tight range.
The latest currency movement comes as international institutions continue to signal improved confidence in Nigeria’s economic outlook.
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.
