Naira Slips to N1,331/$1 at Official Market, Appreciates to N1,365/$1 at Black Market

By Adedapo Adesanya

The Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, October 7, by 0.06 per cent or 90 Kobo to close at N1,331.77/$1, in contrast to the previous day’s N1,330.87/$1.

However, the domestic currency appreciated on the Pound Sterling in the official FX market during the session by N9.15 to trade at N1,767.14/£1 versus the preceding session’s N1,759.83/£1, and gained N8.98 against the Euro to finish at N1,489.05/€1 compared with Tuesday’s closing rate of N1,498.03/€1.

In the same vein, the Nigerian Naira improved its value against its American counterpart in the black market at midweek by N5 to sell for N1,365/$1 compared with the previous day’s N1,370/$1.

Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell sharply by 76.9 per cent to $72.475 million from $313.545 million, with the number of FX deals down by 43.54 per cent to 83 deals from 147 deals.

As for the foreign reserves, they climbed by about $2.72 million to $54.983 billion on October 6, 2026, amid increased crude oil production and a rise in foreign portfolio investments.

As for the cryptocurrency market, it remained in the red yesterday as roughly $550 million in leveraged crypto bets were liquidated, mostly from traders wagering on higher prices.

Pressure came as oil prices and Treasury yields rose amid reports of possible US strikes against Iran and other supply threats, adding risk to cryptocurrencies and global stocks.

Ripple (XRP) plunged by 5.2 per cent to $1.39, Dogecoin (DOGE) slipped by 3.9 per cent to $0.0872, Solana (SOL) dropped 3.3 per cent to close at $114.69, Ethereum (ETH) lost 2.4 per cent to finish at $2,555.60, Cardano (ADA) fell by 2.3 per cent to $0.2509, Bitcoin (BTC) as it slumped by 2.1 per cent to $82,517.94, and Binance Coin (BNB) depreciated by 0.4 per cent to $765.61.

However, Tron (TRON) appreciated by 0.5 per cent to $0.3347, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.