The Nigerian naira experienced a decline against major currencies, including the US dollar, pound sterling, and euro, on October 8, 2026. In the official foreign exchange market, the naira was recorded at N1,332.10 per dollar, marking a depreciation of 33 kobo or approximately 0.02% from the previous day's rate of N1,331.77.

Despite this weakening, the naira showed resilience in the parallel market, where it appreciated by N5, closing at N1,360 per dollar, compared to N1,365 the day before. This divergence in performance highlights the ongoing fluctuations in Nigeria's currency markets, with the official and parallel markets reflecting different pricing trends.

Data from the Central Bank of Nigeria (CBN) indicated a remarkable 350% increase in foreign exchange turnover, which surged to $326.12 million from $72.48 million the previous day. The number of transactions also rose significantly, climbing from 83 to 192 within the same period. This spike in trading activity comes as Nigeria's foreign reserves strengthened, reaching approximately $54.98 billion, an increase of about $2.72 million since October 6, 2026.

In addition to the dollar, the naira also weakened against other major currencies. The exchange rate against the pound sterling rose to N1,759.17, up from N1,757.14, while against the euro, it fell to N1,490.22 from N1,489.05. These changes reflect the broader trends in the foreign exchange market as Nigeria navigates economic challenges.

The recent fluctuations in the naira's value and the surge in foreign exchange turnover underscore the complexities of Nigeria's economic landscape. As the country continues to manage its foreign reserves and currency stability, market participants will be closely monitoring these developments for potential impacts on trade and investment.

Overall, the current state of the naira against major currencies illustrates the ongoing volatility in Nigeria's foreign exchange market, as well as the significant increase in trading activity that could signal shifting dynamics in the economy.