Naira loses 2.1% in a day, dollar trading reaches $1.01 billion — The Rio Times
In Nigeria, the naira’s closing rate weakened by 2.1% against the US dollar at the close of trading on October 22, 2026 — from 1,337 to 1,365 naira per dollar. The following day, the currency continued to weaken, while the volume of banks’ dollar transactions on the official market rose to $1.01 billion, The Rio Times reports.
Closing rate and official indicator
According to the Central Bank of Nigeria, on October 22 the naira traded in a range from 1,336 to 1,369 per dollar. The official daily rate, calculated as the volume-weighted average of transactions, changed less significantly — from 1,334.72 to 1,344.40 naira per dollar, or by about 0.7%.
On October 23, the official volume-weighted average rate was 1,361.84 naira per dollar — 17.44 naira more than the previous day. The closing rate, according to data cited by the publication, reached 1,370 naira per dollar, while during the session the currency traded between 1,340 and 1,395 naira per dollar.
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Growth in interbank trading volume
The volume of interbank dollar transactions on October 23 rose from $316.55 million the previous day to $1.01 billion. The number of transactions increased from 181 to 315 over the same period. A higher number of naira per dollar indicates a weakening of the national currency.
MDU Capital head Ayodeji Ebo said that two days of trading are insufficient to draw conclusions about an outflow of foreign investors. Among the possible factors behind the movement, he named one-off large transactions, import payments, or profit-taking after a decline in yields. Analysts at Agusto and Co and the Centre for the Promotion of Private Enterprise also called for waiting for additional data.
The next scheduled trading day on the official foreign exchange market is expected to be October 26. Market participants will monitor further demand for dollars and possible comments from the Central Bank of Nigeria.
