The naira depreciated slightly to N1,332.75 against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on October 7, 2026, marking a minor decline from the N1,331.50 closing rate recorded the previous day. Despite this marginal movement, the currency has largely consolidated within the N1,330 range in recent sessions. Market activity remains robust, with daily NFEM turnover notably peaking at $1.014 billion on October 6. Meanwhile, Nigeria’s external position continues to strengthen, with foreign exchange reserves reaching $54.61 billion as of mid-September, alongside an upwardly revised 4.3% economic growth forecast from the World Bank.