Nigeria’s Currency Ends 2.1% Lower in a Day
Nigeria's currency closed 2.1% lower on 22 October, and bank dollar trading hit US$1.01 billion on 23 October, central bank data show. The post Nigeria’s Currency Ends 2.1% Lower in a Day appeared first on The Rio Times .
Nigeria's currency, the naira, fell 2.1% against the US dollar on Thursday, 22 October 2026, closing at 1,365 naira per US$1. The Central Bank of Nigeria's official daily rate showed less movement, rising only 0.7% from 1,334.72 to 1,344.40 naira per US$1. The naira experienced its largest closing drop since April 2025, marking a 28 naira decrease.
Dollar trading between banks surged to US$1.01 billion on Friday, 23 October, signaling increased foreign exchange activity. While the official rate rose marginally, the closing rate dropped significantly, indicating a weaker naira. Market turnover, including interbank trading, surpassed US$1 billion on Friday. Analysts suggest various reasons for the naira's decline, including one-off deals, import payments, or profit-taking.
However, the central bank data covering this period is limited, and no official confirmation of foreign investor withdrawals has been provided. The naira's weakness affects US investors, travelers, and those with financial exposure in Nigeria.
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