Naira exchange rate figures show the currency weakened to N1,332.97/$ and lost ground against the pound but gained against the euro

The naira weakened against the US dollar and British pound at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 13, 2026, but appreciated against the euro as trading activity increased in the official foreign exchange market.

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The local currency depreciated by 88 kobo, or 0.07 per cent, against the dollar, closing at N1,332.97/$1 compared with N1,332.09/$1 recorded in the previous trading session.

Figures reported by Legit.ng also showed that the naira lost N3.43 against the British pound, closing at N1,766.06/£1 from N1,762.63/£1 on Monday.

However, the currency strengthened against the euro, with the exchange rate improving to N1,489.15/€1 from N1,490.79/€1 in the preceding session.

At the GTBank foreign exchange counter, the naira weakened by N1 against the dollar, trading at N1,339/$1 compared with N1,338/$1 previously.

Meanwhile, the currency remained unchanged at N1,360/$1 in the parallel market, according to the report.

The figures indicate that the naira’s performance varied across currencies and trading channels during the session.

Trading activity in the official foreign exchange market increased significantly during the period.

Interbank foreign exchange turnover surged by 157.1 per cent to $93.16 million, compared with $36.24 million recorded in the previous session.

The increase points to a substantial rise in the value of transactions reported during the trading period, although turnover alone does not establish the direction of future exchange-rate movements.

Nigeria’s foreign reserves reportedly increased to $55.1 billion, while net foreign reserves reached $46 billion amid sustained foreign exchange inflows.

Foreign reserves provide the Central Bank of Nigeria with external assets that can support international payments and help manage pressure on the country’s foreign exchange market.

However, movements in the naira also depend on factors such as foreign currency supply and demand, capital flows, trade payments and broader economic conditions.

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The latest trading figures show that the naira continued to experience mixed movements against major international currencies, despite the sharp increase in foreign exchange turnover.