Nigerian naira weakens against dollar amid rising FX demand

The Nigerian naira has weakened against the US dollar, euro, and British pound due to rising demand for international payments and foreign exchange liability settlements. On October 13, 2026, the naira closed at N1,335.50 per dollar, marking its weakest level since August.

Data from the Central Bank of Nigeria (CBN) indicates that while the naira saw a slight depreciation, interbank FX turnover increased significantly, rising 157% to $93.163 million. The intraday high reached N1,336 per dollar, suggesting potential renewed pressure on the local unit.

Despite the currency's decline, Nigeria’s foreign exchange reserves have reached their highest level since November 2008, climbing to $58.81 billion as of October 12. Analysts suggest that market direction will continue to be influenced by dollar supply and demand conditions, though improved liquidity at the official window may help limit volatility.