The naira strengthened to N1,331.50 per dollar on October 6, recovering N1.40 from the previous day as foreign exchange trading remained volatile.
Data from the Nigerian Foreign Exchange Market showed the currency traded between N1,330 and N1,333 during the session, while the weighted average rate stood at N1,330.87/$.
The News Chronicle reports that despite the relatively stable exchange rate, activity in the FX market has been swinging sharply, with daily turnover ranging from below $200 million to more than $600 million in recent sessions.
READ MORE: Naira Slips To N1,332.90/$ As FX Activity Remains Mixed
NFEM turnover reached $619.22 million from 287 deals on October 5, up from $569.80 million recorded on October 2. The September 30 session recorded $537.97 million, while turnover fell sharply to $196.68 million on September 28.
The naira has remained broadly around the N1,330/$ level since the end of September, when it closed at N1,329.50/$.
The latest currency movement comes as Nigeria’s economic outlook improves. The World Bank recently raised its 2026 growth forecast for the country to 4.3 per cent, while second quarter GDP growth stood at 4.43 per cent.
S&P Global Ratings has also upgraded Nigeria’s credit rating to ‘B’ from ‘B-’, citing improvements linked to economic reforms and foreign exchange developments.
