Naira Strengthens by 0.06% to N1,330/$1

By Adedapo Adesanya

There was an 82 Kobo or 0.06 per cent appreciation on the Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, October 6, closing at N1,330.87/$1, in contrast to the previous day’s N1,331.69/$1.

However, the Naira depreciated against the Pound Sterling in the official market yesterday by N7.31 to close at N1,767.14/£1 compared with the previous day’s N1,759.83/£1, and lost N5.87 against the Euro to finish at N1,498.03/€1 versus Monday’s N1,492.16/€1.

The exchange rate of the Naira to the Dollar at the parallel market during the session remained unchanged at N1,370/$1.

NAFEM interbank FX turnover surged sharply by 334.8 per cent to $313.545 million from $72.119 million, with the number of deals at 103 deals.

Latest data showed that Nigeria’s gross external reserves rose by about $24.99 million to approximately $54.95 billion on October 2, 2026. This puts the buffer nearer to the $55 billion mark.

This is attributed to positive developments such as increased crude oil production and a rise in foreign portfolio investments, coupled with a slowdown in import-related outflows.

Meanwhile, the cryptocurrency market was down as escalating Iranian attacks on tankers pushed oil prices, Treasury yields and the Dollar higher.

The American currency strengthened against every other 10 benchmark currencies, and the 10-year Treasury yield climbed three basis points to 5.31 per cent.

Also, as minutes from the US Federal Reserve September meeting, when it raised rates by a quarter point, come out later Wednesday, there are expectations that weaker jobs data made another rate increase this month look less likely after September’s quarter-point hike.

Cardano (ADA) fell by 4.6 per cent to $0.2577, Dogecoin (DOGE) depreciated by 3.8 per cent to $0.0908, Ethereum (ETH) lost 2.9 per cent to close at $2,618.16, and Ripple (XRP) dipped by 1.5 per cent to $1.47.

In addition, Binance Coin (BNB) declined by 1.4 per cent to $768.70, Bitcoin (BTC) slumped by 1.2 per cent to $84,277.15, Tron (TRON) dropped 1.0 per cent to sell at $0.3330, and Solana (SOL) moderated by 0.8 per cent to $118.91, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.