The naira recovered N14.74 against the dollar in Nigeria’s official foreign exchange market on Tuesday, 27 October 2026, while interbank transactions declined in both value and number.
The official Nigerian Foreign Exchange Market (NFEM) rate improved to N1,352.87 per dollar from Monday’s N1,367.61, according to Central Bank of Nigeria figures cited in BusinessDay’s market report.
The CBN calculates the NFEM reference rate using a volume-weighted average of transactions. Its reporting framework also provides a separate closing rate for each trading session.
For Tuesday, Access Bank’s published market figures listed the NFEM benchmark at N1,352.8710 and the closing rate at N1,357 per dollar. Nairametrics reported that the closing rate improved from N1,365 on Monday, representing an N8 gain on that measure.
The currency also strengthened against sterling and the euro. The published selling rate for the pound moved to N1,803.24 from N1,825.75, reducing the naira cost of one pound by N22.51.
For the euro, the selling rate fell by N21.76 to N1,508.59, compared with N1,530.35 in the preceding session. The published currency table identifies these figures as selling rates, alongside separate buying and central rates.
Trading activity slowed as the naira gained. Interbank foreign exchange turnover dropped to $543.74 million from approximately $614.25 million on Monday, a reduction of about $70.51 million, or 11.48 per cent.
Banks completed 197 interbank deals during Tuesday’s session, four fewer than Monday’s 201. That represented a decline of approximately 1.99 per cent in transaction numbers.
Dollar transactions took place at rates ranging from N1,344 to N1,368.50 during the session, according to Nairametrics’ report. The publication put the simple average rate at N1,355.83 per dollar.
In the parallel market, bureau de change operators in Abuja quoted between N1,380 and N1,385 per dollar on Tuesday. Nairametrics reported a rate of around N1,385 on Monday, indicating some improvement within the quoted range.
The official market’s recovery followed reports of additional dollar supplies through authorised dealer banks. MarketForces Africa attributed the improvement to CBN intervention following recent pressure on the currency.
Meanwhile, Nigeria’s external reserves reached $55.26 billion as of Monday, 26 October, according to CBN data reported by BusinessDay. The publication compared that balance with $43.07 billion recorded on 27 October 2025, putting the increase over the comparison period at 28.3 per cent.