Naira Appreciates to N1,347 in Official Market, N1,378/$1 at Parallel Market

By Adedapo Adesanya

The Naira put up a better performance against the United States Dollar in the two major segments of the foreign exchange (FX) market in Nigeria on Wednesday, October 28, 2026.

In the parallel market, the Nigerian Naira gained N2 against the Dollar during the session to close at N1,378/$1 compared with the previous session’s N1,380/$1, and at the GTBank forex counter, it improved by N5 to sell for N1,365/$1 compared with Tuesday’s closing rate of N1,370/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency appreciated against the greenback at midweek by N5.34 or 0.39 per cent to trade at N1,347.53/$1, in contrast to the preceding day’s N1,352.87/$1.

In the same official market, the local currency firmed up against the Pound Sterling yesterday by N12.38 to settle at N1,790.86/£1 versus N1,803.34/£1, and chalked up N8.25 against the Euro to close at N1,500.34/€1 versus N1,508.59/€1.

Easing pressure on the local currency continued as data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover slipped 110 per cent to $244.608 million from $543.740 million, with the number of deals down to 151 deals from 197 deals.

The Naira is relatively stable amid stronger formal remittance inflows and an increase in Nigeria’s external reserves, which have provided a stronger buffer against FX pressures.

Recent liquidity boost by the CBN has regained the Naira’s strength following a sharp US Dollar outflow from the market.

As for the cryptocurrency market, it turned red as the US Federal Reserve held rates at 3.75 per cent–4 per cent in a hawkish hold, with inflation still running above its 2 per cent target.

The US central bank chairman, Mr Kevin Warsh, acknowledged that progress is being made on inflation but said price pressures remain too high, with market analysts still expecting another rate increase in December, following September’s hike.

Cardano (ADA) shrank by 2.9 per cent to $0.1999, Ripple (XRP) slipped by 1.9 per cent to $1.30, Solana (SOL) went down by 1.3 per cent to $100.46, Ethereum (ETH) dipped by 1.2 per cent to $2,322.86, Dogecoin (DOGE) depreciated by 1.1 per cent to $0.0787, and Bitcoin (BTC) crumbled by 0.8 per cent to $80,201.22.

But Binance Coin (BNB) gained 1.5 per cent to sell for $765.55, and TRON (TRX) increased by 0.1 per cent to $0.3309, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.