Naira Strengthens Against USD in FX Markets

The Nigerian Naira showed improved performance against the United States Dollar in both the official and parallel segments of the foreign exchange market on Wednesday, October 28, 2026.

In the parallel market, the Naira gained N2 against the Dollar, closing at N1,378/$1, compared to N1,380/$1 the previous day. At GTBank’s forex counter, it improved by N5 to N1,365/$1, down from N1,370/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated by N5.34 or 0.39 per cent to N1,347.53/$1, against the prior day’s rate of N1,352.87/$1.

The Naira also strengthened against the Pound Sterling and Euro, closing at N1,790.86/£1 and N1,500.34/€1 respectively, compared to N1,803.34/£1 and N1,508.59/€1.

The Naira’s stability is attributed to increased formal remittance inflows and higher Nigeria’s external reserves, which have bolstered its position against foreign currencies.