The naira weakens to ₦1,361.34 per dollar, its weakest official rate since August, after a 2.22% move in a week
Two days of losses ended a month in which the official rate barely moved.
Key findings
- The official rate weakened to ₦1,361.34 per US dollar on 23 October, from ₦1,331.76 on 16 October, a rise of 2.22% in a week.
- The naira lost 1.30% on 23 October alone, its largest one-day fall since a 2.62% drop on 23 March.
- It is the weakest official rate since 11 August, when the naira stood at ₦1,364.40.
- The official rate is still 5.15% below its end-2025 level of ₦1,435.26, so the naira remains stronger than when the year began.
- The CBN sold ₦2.63 trillion of OMO bills on 22 October at clearing rates of 17.14% and 17.63%.
The naira weakened sharply in the last two trading days of last week. The Central Bank of Nigeria's official rate closed at ₦1,361.34 per US dollar on 23 October, from ₦1,343.90 a day earlier and ₦1,331.76 on 16 October. Over the week the official rate rose 2.22%, which means the naira bought fewer dollars.
Most of the move came in two steps: a 0.73% fall on 22 October and a 1.30% fall on 23 October. The second was the largest one-day fall since 23 March, when the naira lost 2.62%. It leaves the official rate at its weakest since 11 August, when it stood at ₦1,364.40.
The fall breaks a quiet stretch. The official rate averaged ₦1,326.81 in September and held within a narrow band through the first half of October. Even after last week, the official rate is 5.15% below its level at the end of 2025, when it stood at ₦1,435.26.
CBN official central rate, January 2026 onwards.
- Official rate
- ₦1,361.34
- One-day move
- 1.30%
- Gross external reserves
- $55.16 billion
The CBN was in the money market the same week. At its 22 October OMO auction it offered ₦2 trillion of bills and sold ₦2.63 trillion, at clearing rates of 17.14% on the 180-day bill and 17.63% on the 138-day bill. Gross external reserves stood at $55.16 billion on 22 October.
Why it matters
This is the first sizeable move in the naira since the MPC cut the policy rate by 3.5 percentage points to 23% in September. A lower policy rate narrows the return on naira assets, and a weaker currency raises the cost of imported goods. A stable naira has been one of the reasons inflation has eased this year, so a sustained fall would matter for the next inflation readings and for the MPC's next decision.
What to watch
- Whether the official rate settles or keeps weakening in the coming days.
- The size and clearing rates of the next OMO and Treasury bill auctions.
- Gross external reserves, and whether the CBN draws on them to support the naira.
- The October inflation release from the National Bureau of Statistics.
SourceExchange rates by currency (opens in a new tab)Central Bank of NigeriaOfficial exchange rates.
SourceGovernment securities: OMO auction results (opens in a new tab)Central Bank of NigeriaOMO auction results.
Methodology
Exchange rates are the CBN's official central rate for the US dollar, in naira per dollar, as published daily. Weekly and year-to-date changes compare the 23 October 2026 rate with the rates of 16 October 2026 and 31 December 2025; a higher rate means a weaker naira. One-day changes are as computed by Dataminal from consecutive business days. OMO figures are the CBN's 22 October 2026 auction results, with amounts converted from naira million. Reserves are the CBN's gross external reserves for 22 October 2026.
Sources
- 1Exchange rates by currency (opens in a new tab)On Dataminal: Nigeria Exchange Rate
- 2Government securities: OMO auction results (opens in a new tab)On Dataminal: Nigeria Fixed Income
- 3Nigeria exchange ratesOn Dataminal: Nigeria Exchange Rate
- 4Nigeria government securitiesOn Dataminal: Nigeria Fixed Income
- 5Nigeria monetary policy and reservesOn Dataminal: Nigeria Monetary Policy & External Reserves