The Nigerian naira weakened against the US dollar, pound sterling and euro at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, October 21, 2026.

The local currency lost N1.07 against the dollar to close at N1,334.72/$1, compared with N1,333.65/$1 recorded on Tuesday.

Data showed that the naira also depreciated against the British pound, losing N3.04 to close at N1,787.73/£1 from N1,784.69/£1 recorded in the previous session.

Against the euro, the naira weakened by N2 to N1,499.29/€1, compared with Tuesday's closing rate of N1,497.29/€1.

However, the local currency remained stable in the parallel market, where it traded at N1,358/$1. It also traded flat at N1,340/$1 at the GTBank foreign exchange desk.

FX turnover rises by 110%

Data from the Central Bank of Nigeria (CBN) showed that interbank foreign exchange turnover increased by 110% to $127.63 million from $60.72 million.

The number of foreign exchange deals also rose to 95 from 70, indicating increased activity in the official market.

The naira's recent relative stability has been supported by stronger formal remittance inflows and an increase in Nigeria's external reserves, which provide a buffer against foreign exchange pressures.

Market analysts expect the currency to maintain its current trend in the near term but have warned that rising government borrowing could pose risks to the outlook.

CBN Governor Yemi Cardoso has previously highlighted the importance of exchange rate stability in encouraging investment and supporting the development of financial products in a more predictable macroeconomic environment.

Other currency selling rates

The reported selling rates for other currencies on October 21 were:

-CFA: N2.28

-Yuan/Renminbi: N199.93

-Danish krone: N200.51

-Japanese yen: N8.45

-Saudi riyal: N355.79

-South African rand: N81.56

-Special Drawing Rights (SDR): N1,810.02

-Swiss franc: N1,619.22

-West African Unit of Account (WAUA): N1,805.95

-UAE dirham: N363.37