Naira gains N5.34 against dollar as exchange rate improves

The Naira strengthened against the United States Dollar in both the official and parallel foreign exchange markets on Wednesday, October 28, 2026.

In the parallel market, the Naira gained N2 to close at N1,378 per dollar, compared with N1,380 recorded on Tuesday.

At the GTBank foreign exchange counter, the Naira appreciated by N5 to N1,365 per dollar from N1,370 the previous day.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira gained N5.34, or 0.39 per cent, to close at N1,347.53 per dollar, compared with N1,352.87 on Tuesday.

The local currency also strengthened against the British Pound and the Euro in the official market.

It gained N12.38 against the Pound to close at N1,790.86, compared with N1,803.34 recorded the previous day.
Against the Euro, the Naira appreciated by N8.25 to close at N1,500.34, from N1,508.59.

Data from the Central Bank of Nigeria (CBN) showed that foreign exchange transactions between banks fell to $244.61 million from $543.74 million. The number of transactions also dropped from 197 to 151.

The US central bank chairman, Kevin Warsh, said inflation was easing but price pressures remained high. Market analysts expect another rate increase in December following a hike in September.

Dogecoin fell by 1.1 per cent to $0.0787, while Bitcoin dropped by 0.8 per cent to $80,201.22.

However, Binance Coin gained 1.5 per cent to $765.55, while TRON rose by 0.1 per cent to $0.3309. Tether and USD Coin remained stable at $1 each.