The naira strengthened against the United States dollar in Nigeria’s official and parallel foreign exchange markets on Wednesday, October 28, 2026, while also recording gains against the British pound and euro.
In the official market, the currency appreciated by ₦5.34 to close at ₦1,347.53 per dollar, compared with ₦1,352.87 recorded in the previous trading session.
Also read: Naira opens at ₦1,339.93 against dollar
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the increase represented an appreciation of 0.39 per cent.
The naira also gained in the parallel market, where the dollar exchanged at ₦1,378, compared with ₦1,380 recorded on Tuesday, representing a gain of ₦2.
At Guaranty Trust Bank (GTBank), the dollar selling rate fell to ₦1,365 from ₦1,370 in the previous session.
The local currency also strengthened against other major currencies in the official foreign exchange market.
Against the British pound, the naira appreciated by ₦12.48 to close at ₦1,790.86, compared with the previous rate of ₦1,803.34.
Similarly, the naira gained ₦8.25 against the euro, closing at ₦1,500.34 from ₦1,508.59 recorded in the preceding session.
The gains across the three currencies reflected an improvement in the naira’s performance during the trading day.
Despite the naira’s appreciation, trading activity in the interbank foreign exchange market declined during the session.
Data from the Central Bank of Nigeria (CBN) showed that foreign exchange turnover fell to $244.61 million from $543.74 million in the previous session.
The number of transactions also decreased to 151 deals from 197, indicating a slowdown in market activity.
Although the naira strengthened as turnover declined, the figures alone do not establish a direct link between the reduced trading volume and the currency’s appreciation.
The naira’s recent performance has been linked to stronger formal remittance inflows and an increase in Nigeria’s external reserves, which can support the country’s foreign exchange position.
Recent liquidity support from the CBN has also been cited as a factor helping the currency recover some of its strength following significant dollar outflows from the market.
However, the sustainability of the naira’s gains will depend on foreign exchange availability, demand for dollars, capital flows and the consistency of inflows into the Nigerian economy.
Movements in the official and parallel markets remain important for businesses and individuals who rely on foreign currencies to pay for imports, international services and other transactions.
Also read: Naira opens at ₦1,339.93 against dollar
While Wednesday’s figures showed an improvement in the naira’s value, subsequent trading sessions will provide a clearer indication of whether the gains can be maintained.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
