Naira Shrinks to N1,332/$1 at Official Market, Firms to N1,360/$1 at Parallel Market

By Adedapo Adesanya

The Nigerian Naira weakened further against the United States Dollar by 33 Kobo or 0.02 per cent to N1,332.10 per Dollar from N1,331.77 per Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, October 8.

Equally, the local currency depreciated against the Pound Sterling in the official market yesterday by N1.18 to trade at N1,759.17/£1 compared with the previous day’s N1,757.14/£1, and crashed against the Euro by N1.17 to quote at N1,490.22/€1 versus the N1,489.05/€1 it was exchanged a day earlier.

However, in the parallel market, the Naira further gained N5 against the US Dollar during the session to close at N1,360/$1, in contrast to the preceding day’s N1,365/$1.

Interbank FX turnover surged on Thursday by 350 per cent to $326.116 million from Wednesday’s 72.475 million, according to data from the Central Bank of Nigeria (CBN), with the number of FX deals up to 192 from 83.

Market analysts noted that despite the fluctuations, the Naira still remains stable amid stronger monetary and fiscal alignment, as Nigeria’s FX reserves climbed by about $2.72 million to about $54.983 billion on October 6, 2026, amid increased crude oil production and a rise in foreign portfolio investments.

Meanwhile, the cryptocurrency market remained bearish yesterday amid concerns that advances in artificial intelligence could weaken the cryptography securing top coins.

US President Donald Trump said the country would not attack Iran before the November 3 midterm elections, easing geopolitical fears that had driven oil prices higher and cryptocurrencies lower.

Cardano (ADA) crashed by 5.2 per cent to $0.2389, Solana (SOL) dropped 4.1 per cent to sell at $110.38, Binance Coin (BNB) depreciated by 3.3 per cent to $742.36, Ethereum (ETH) lost 2.6 per cent to settle at $2,494.74, Dogecoin (DOGE) dipped by 2.3 per cent to $0.0853, Tron (TRON) decreased by 0.9 per cent to $0.3320, Bitcoin (BTC) slumped by 0.4 per cent to $82,380.07, and Ripple (XRP) plunged by 0.2 per cent to $1.39, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.