Naira falls to N1,332.10/$ at official market, parallel rate steady
The naira weakened to N1,332.10 per dollar at the official foreign exchange market on Monday, October 12, 2026, up from N1,331.19 on Friday—a depreciation of N0.91. Meanwhile, the parallel market rate remained unchanged at N1,373 per dollar, the same level seen at the end of last week. The Central Bank of Nigeria also reported that the country’s foreign reserves stood at $55.08 billion as of October 9, 2026.
This movement matters because a weaker naira raises the cost of imported goods, fuels inflation, and squeezes household budgets, especially for items like electronics, fuel, and medicines priced in dollars. Businesses that rely on foreign inputs may face higher production costs, potentially passing them on to consumers. The stable parallel market suggests limited speculative pressure, but the official rate’s slide signals ongoing pressure on the naira despite the reserve buffer.
What should you know or do? If you regularly purchase imported products or travel abroad, consider reviewing your budget for possible price increases. Exporters might benefit from the weaker naira, while importers could explore hedging options or alternative suppliers. Will you adjust your spending habits or seek ways to mitigate the impact of a weaker naira on your finances?