Nigeria’s naira strengthened against the U.S. dollar on Oct. 27, as Central Bank of Nigeria data showed the official exchange rate falling by N14.74 from the previous session.
CBN data recorded an official Nigerian Foreign Exchange Market (NFEM) rate of N1,352.87 per dollar, down from N1,367.61 on Oct. 26. The rate is a volume-weighted average that the bank identifies as the official figure for the day.
The move reversed the previous session’s weakening, when the official rate rose to N1,367.61 per dollar. EconoTimes covered the naira’s Oct. 26 rate.
Separately, CBN reserve data showed $55.26 billion as of Oct. 26. The bank labels the series a 30-day moving average, so the reading reflects a smoothed measure. The CBN says reserves help sustain confidence in exchange-rate policy, support foreign-exchange operations and meet external payments.
The published rate and reserve data do not identify a specific CBN intervention as the reason for the naira’s gain.
