Naira slips to N1,332.99/$ as reserves rise to $55bn amid narrow trading range

The naira traded at N1,332.99 per dollar on October 12, 2026, down 50 kobo from N1,332.49 on October 9, according to CBN data. Despite this modest depreciation, Nigeria's foreign exchange reserves rose by $115 million in six days to $55.07 billion as of October 8, with net reserves reaching $46 billion.

The currency moved within a narrow N1,330-N1,334 range during early October sessions, while NFEM turnover fluctuated sharply - peaking at N1.21 billion on October 8 before dropping to N488.65 million on October 9. CBN Governor Olayemi Cardoso linked market stability to growing investor confidence.

For importers and consumers, this slight naira weakening could increase costs for foreign goods, though the reserve buildup may help stabilize prices. With reserves up $11 billion since end-2025, will you see this as temporary volatility or a signal to adjust spending on imported items like electronics, vehicles, or groceries?

SOURCE: https://nairametrics.com/2026/10/13/naira-holds-near-n1333-as-fx-turnover-swings/