The naira weakened against the United States dollar at the official foreign exchange market on Monday, October 26, 2026, with the exchange rate rising to ₦1,367.61/$ from ₦1,361.84/$ recorded on Friday, October 23.
The movement represents a depreciation of ₦5.77 per dollar, or approximately 0.42 per cent, based on the reported rates for the two trading sessions.
The Nigerian Tribune reported on October 27 that the naira traded at approximately ₦1,367.61 per dollar, citing data from the Central Bank of Nigeria (CBN). The figure reflects the Nigerian Foreign Exchange Market’s volume-weighted average rate, which the CBN recognises as the official exchange rate.
The latest movement reverses the apparent improvement suggested by reports that focused on the naira’s closing rate rather than the weighted average. While individual market quotations may differ, the weighted-average figures indicate that the local currency lost ground against the dollar between Friday and Monday.
The naira’s performance has come amid renewed pressure on the official foreign exchange market following a period of relative stability earlier in October.
At the beginning of the month, the official rate was around ₦1,332 per dollar. The increase to ₦1,367.61 by October 26 means the dollar became about ₦35.61 more expensive in naira terms over the period.
The exchange rate remains an important indicator for Nigerian businesses and households because movements in the currency affect the cost of imports, overseas payments and foreign-currency obligations.
Manufacturers that depend on imported raw materials and machinery may face higher production costs when the naira weakens. Importers could also require more naira to settle dollar-denominated invoices, while families paying school fees and medical bills abroad may face increased expenses.
However, the effect on individual businesses and consumers depends on the exchange rate available to them, the timing of their transactions and their exposure to foreign-currency costs.
The direction of the naira will continue to depend on dollar supply and demand, oil export earnings, diaspora remittances, foreign investment inflows and broader confidence in Nigeria’s foreign exchange market.
For now, the latest weighted-average figures show that the naira weakened against the dollar at the official market on Monday. Further trading data will be needed to determine whether the depreciation continues or the currency stabilises in subsequent sessions.
