Naira falls to ₦1,361.84 per dollar, its weakest official rate since August
The official rate fell about 2% in two days, its biggest two-day drop since March, CBN data show. Here is how far it has moved and what it means for you.
By John Christian Mmaduabuchi, Chief Editor
· 4 min read · Abuja
- The naira’s official rate fell to ₦1,361.84 per dollar on Friday, 23 October 2026, its weakest level since 11 August, CBN data show.
- The official rate lost ₦27.12, about 2%, over Thursday and Friday, its largest two-day fall since 24 March 2026, a GistMatrix analysis of CBN figures found.
- The closing rate jumped ₦28 to ₦1,365 on Thursday, 22 October, its biggest one-day rise since 3 April 2025, and closed at ₦1,370 on Friday.
The gist in 30 seconds
- The naira’s official rate fell to ₦1,361.84 per dollar on Friday, 23 October 2026, its weakest level since 11 August, CBN data show.
- The official rate lost ₦27.12, about 2%, over Thursday and Friday, its largest two-day fall since 24 March 2026, a GistMatrix analysis of CBN figures found.
- The closing rate jumped ₦28 to ₦1,365 on Thursday, 22 October, its biggest one-day rise since 3 April 2025, and closed at ₦1,370 on Friday.
The naira weakened for a third day running on Friday, 23 October 2026, with its official rate falling to ₦1,361.84 per dollar, its weakest level since 11 August, according to Central Bank of Nigeria (CBN) data.
The official rate, known as the Nigerian Foreign Exchange Market (NFEM) rate, was ₦1,344.40 on Thursday and ₦1,334.72 on Wednesday. Over those two days the naira lost ₦27.12 against the dollar, or about 2%. A GistMatrix analysis of the CBN’s daily figures shows that is the official rate’s largest two-day fall since 24 March 2026.
Why it matters
The exchange rate feeds into the naira price of anything Nigeria imports or prices in dollars, from fuel and phones to spare parts, flights and school fees abroad. A weaker naira can push those prices up, while families who receive money from relatives abroad get more naira for each dollar.
The slide comes in a tense week for household costs. Labour unions and the federal government are due to resume talks on petrol prices and the minimum wage on Tuesday, 27 October, after Thursday’s meeting ended without agreement.
How far has the naira fallen this week?
The official rate, in naira per dollar, according to the CBN:
- Friday, 16 October: ₦1,332.26
- Wednesday, 21 October: ₦1,334.72
- Thursday, 22 October: ₦1,344.40
- Friday, 23 October: ₦1,361.84
Across the week it took ₦29.58 more to buy a dollar at the official rate, a rise of 2.2%.
The closing rate, the price of the day’s last deal, moved further. It jumped ₦28 on Thursday, from ₦1,337 to ₦1,365, then closed at ₦1,370 on Friday. Thursday’s 2.1% jump was the biggest one-day rise in the closing rate since 3 April 2025, the CBN figures show. Nairametrics reported on Friday morning that Thursday’s move was the naira’s sharpest daily decline in 18 months.
During Friday’s trading the dollar changed hands at as much as ₦1,395 and as little as ₦1,340, according to the CBN’s figures.
Why are there two rates?
The CBN publishes several numbers for each trading day. The NFEM rate is a volume-weighted average of the day’s trades, and the bank says it “stands as the official exchange rate for the day”. The closing rate is simply the rate of the last deal, so it can swing more from day to day.
Why has the naira weakened?
The CBN has not issued a statement about this week’s fall. Its daily figures show the prices and volumes traded but not who was buying or selling dollars, so they cannot explain the move on their own. Nairametrics also noted that the data do not establish the specific factors behind Thursday’s fall.
How does this compare with earlier in the year?
Even after this week’s slide, the naira is stronger than it was at the start of 2026. The official rate was ₦1,430.85 on 2 January, the first trading day of the year, so a dollar now costs ₦69.01 less than it did then.
The naira reached its strongest level of the year, ₦1,315.67, on 3 September. Since then it has given back part of those gains: a dollar now costs ₦46.17 more than on that day.
What does a weaker naira mean for you?
- Imported goods: traders who pay suppliers in dollars may raise their naira prices if the weaker rate lasts.
- Fees and travel abroad: tuition, rent and flights priced in foreign currency cost more in naira. Check the rate your bank or payment provider will use before you pay.
- Money from abroad: each dollar sent home now buys more naira.
- Savings: naira savings buy fewer dollars than they did a week ago.
What happens next
- Monday, 26 October: trading resumes. The CBN publishes each day’s NFEM rates on its website after the market closes.
- Tuesday, 27 October: labour unions and the federal government are due to meet again on petrol prices and wages.
- Watch: whether the official rate holds above ₦1,360 or recovers towards the ₦1,330s where it traded for most of October.
Has the weaker naira changed prices where you shop or work? Tell GistMatrix what you are seeing.
Sources
We checked this story against these sources. How we check
- Central Bank of Nigeria: Exchange Rates, Nigerian Foreign Exchange Market (NFEM) rates (23 Oct 2026)
- Nairametrics: Naira weakens to N1,365/$, records sharpest daily decline in 18 months (23 Oct 2026)
- Nigerian Tribune: Naira depreciates against dollar at official FX market (23 Oct 2026)
- Central Bank of Nigeria: Press releases (accessed 23 Oct 2026)
How does this story make you feel?
John Christian Mmaduabuchi is a Nigerian filmmaker, creative director, and media professional with extensive experience in digital storytelling, visual journalism, and contemporary media. His Journalism interests span Nigerian and African current affairs, entertainment, culture, technology, lifestyle, media, and the people shaping public conversation. With a background in film direction and documentary production, he brings a strong visual and narrative perspective to editorial work, with particular attention to context, clarity, and compelling storytelling. John is also a creative entrepreneur focused on storytelling, entertainment, culture, and digital content. His professional experience across directing, cinematography, editing, media strategy, and emerging AI technologies gives him a broad understanding of how stories are created, distributed, and consumed in the digital age. At GistMatrix, John contributes to the development and presentation of timely, engaging, and relevant stories for a contemporary audience. His approach to editorial work is grounded in accuracy, context, responsible storytelling, and a commitment to covering stories that matter.
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