The naira weakened to N1,332.75/$ at the Nigerian Foreign Exchange Market (NFEM) on October 7, 2026, after closing at N1,331.50/$ a day earlier, while NFEM turnover crossed $1 billion.
Data from the Central Bank of Nigeria (CBN) showed that the currency traded between N1,330.50/$ and N1,332.99/$ on October 7, with a weighted average rate of N1,331.7679/$.
The latest movement came as foreign exchange activity remained elevated in early October, with NFEM turnover rising sharply to $1.014 billion on October 6 from $619.22 million the previous trading day.
Despite the modest decline at the close of trading on October 7, the latest rate remained within the range seen in recent sessions.
The CBN had yet to report the total NFEM deals for October 7 at the time of filing this report, while 83 interbank deals were recorded, with a turnover of $72.48 million.
The latest closing rate leaves the naira broadly within the N1,330/$ range that has characterised much of the market in recent weeks.
Foreign exchange activity increased significantly on October 6, when NFEM turnover reached $1.014 billion, compared with $619.22 million on October 5 and $569.80 million on October 2.
The October 6 figure was the highest reported NFEM turnover in the supplied October data and came alongside an increase in the number of recorded NFEM deals.
The data show that trading activity has remained uneven, with daily turnover fluctuating significantly even as the naira has traded around the N1,330/$ level.
Nairametrics earlier reported that the World Bank 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 World Bank’s higher growth forecast points to continued improvement in economic activity.
