Naira Weakens Against USD, GBP, and EUR in Currency Markets

The Nigerian Naira weakened significantly against the US Dollar in both official and black market segments on Monday, October 26, 2026. At the official market, the currency traded at N1,367.61 per dollar, compared to N1,361.84 the previous day.

The Naira also declined against the British Pound and Euro, with the exchange rate for the Pound reaching N1,825.75 per pound, up from N1,821.46, and the Euro rate rising to N1,530.35 per euro, compared to N1,525.12 the previous day.

Market participants anticipate the Central Bank of Nigeria to take action in the foreign exchange market to ease the pressure on the local currency. This is due to increased demand for foreign exchange from importers ahead of the holiday season and investors selling securities to secure profits.