Naira gains N8 to close at N1,357/$ — biggest daily jump since August

The naira strengthened by N8 at the official Nigerian Foreign Exchange Market (NFEM) on Tuesday, October 27, closing at N1,357/$ — its largest single-day gain since August 17. CBN data shows the currency recovered from Monday's N1,365/$, after sliding to N1,370/$ on October 23. Tuesday's trading range was N1,344 to N1,368.50, with a weighted average of N1,352.87/$ across 197 deals worth N543.7 million.

In the parallel market, BDC operators in Abuja quoted N1,380–1,385/$, a modest improvement from Monday's N1,385. The gap between official and parallel rates persists at roughly N23–28, driven by demand-supply dynamics. "When dollar demand is high and supply limited, the rate goes up," explained BDC operator Adamu Isha'q.

Foreign reserves have crossed $55 billion — highest in over 18 years, exceeding the CBN's $51 billion year-end projection. This provides a stronger external buffer, though the naira remains under pressure compared to early October (N1,337/$ on October 21). Full-year 2025 FX utilisation hit $50.93 billion (up 91%), with invisible transactions at $30.99 billion and imports at $19.94 billion.

If you're planning dollar purchases for travel, imports, or tuition, the official window at ~N1,357 is your best rate — but access depends on eligibility. Parallel market offers immediacy at a N23+ premium. Will you wait for potential further gains or lock in at current levels?

SOURCE: https://nairametrics.com/2026/10/28/naira-gains-n8-against-dollar-biggest-daily-rise-since-august/