Market News

The Naira weakened slightly against the US Dollar at the official foreign exchange market on Monday, October 12, 2026.

The currency fell by 90 kobo to N1,332.09 per dollar, compared with N1,331.19 recorded on Friday.

The Naira also lost value against the British Pound, falling by N3.47 to close at N1,762.63 per pound from N1,759.16.

However, it gained N1.64 against the Euro, closing at N1,489.15 compared with N1,490.79 recorded in the previous trading session.

At GTBank’s foreign exchange desk, the Naira strengthened against the dollar to N1,338 from N1,340. However, it remained unchanged at the parallel market, also known as the black market, where it traded at N1,360 per dollar.

Data from the Central Bank of Nigeria (CBN) showed that foreign exchange transactions between banks fell by 77.7 per cent to $36.24 million from $162.74 million.

Meanwhile, Nigeria’s net foreign reserves have risen to $46 billion, supported by increased foreign investment. The reserves provide the CBN with funds to support the foreign exchange market when necessary.

The report noted that demand for foreign currency could increase as importers prepare for the December festive season.

Dollar transactions rose to $3.37 billion last week from $1.70 billion recorded in the previous week. Most of the increase came from spot market transactions, where currencies are exchanged at current rates.

In its weekly economic and market report for the week ended October 9, Cordros Securities said the outlook for foreign exchange inflows would depend on continued foreign investment and an improvement in domestic sources of dollar supply.

Cryptocurrency prices fall

Meanwhile, major cryptocurrencies recorded losses as investors became cautious following declines in Asian chip stocks and US technology futures.

Rising oil prices, driven by concerns over supplies from the Middle East, also increased fears of inflation and possible interest rate increases by the US Federal Reserve.

Investors are now waiting for the United States consumer price index report expected on Thursday. The report could provide more information about the direction of inflation and interest rates.

Among the major cryptocurrencies, Cardano fell by 5.2 per cent to $0.2394, while Solana dropped by 3.3 per cent to $108.37.

Dogecoin declined by 2.7 per cent to $0.0848, Ripple fell by 2.3 per cent to $1.37, and Ethereum lost one per cent to trade at $2,527.83.

Binance Coin dropped by 0.9 per cent to $744.36, while TRON fell by 0.7 per cent to $0.3299.

Bitcoin also declined slightly by 0.1 per cent to $83,598.44.

However, Tether and USD Coin, two cryptocurrencies designed to maintain a stable value against the US Dollar, remained unchanged at $1 each.