Naira Exchange Rate Guide: Official Rate 2023–2026, Yuan Swap and Repatriation

On 12 October 2026 the naira closed at ₦1,332.99 per US dollar on Nigeria’s official Foreign Exchange Market (NFEM), about 7% stronger than the ₦1,429 it ended 2025 at. After the Central Bank of Nigeria (CBN) unified the exchange-rate windows and let the naira float in June 2023, the currency fell sharply, and only from 2025 did it stabilise and recover.

For Chinese residents, getting the basics right matters more than predicting the rate: change money through licensed banks, use a domiciliary (USD) account sensibly, and make sure capital comes in with a Certificate of Capital Importation (CCI) so profits can go home legally later. This guide covers the official rate trend, the yuan–naira swap, domiciliary accounts and repatriation.

Key points

• Official NFEM close on 12 October 2026: ₦1,332.99/$. On 31 December 2025: ₦1,429/$.
• The naira gained about 7.4% in 2025, its first annual gain in 13 years. Its weakest point that year was about ₦1,602/$ in April.
• Gross external reserves were $55.07 billion on 8 October 2026.
• The PBoC–CBN currency swap is CNY 15 billion, renewed in December 2024 for three years (about ₦3.28 trillion).
• Foreign investors need a CCI from their bank to repatriate dividends, profits and capital.
• Since January 2026, individuals can withdraw up to ₦500,000 in cash per week; above that a 3% fee applies.

The official rate, 2023–2026

On 14 June 2023 the CBN abolished the segmentation of the foreign exchange market and moved all trades into the Investors and Exporters window on a “willing buyer, willing seller” basis. On the first day of the float the naira fell to about ₦700–750/$. The official market, now called NFEM, kept weakening through 2024 and closed the year at ₦1,535/$.

In April 2025 the naira hit its weakest level of the year, about ₦1,602/$, then recovered to close 31 December 2025 at ₦1,429/$, a gain of about 7.4%. It has stayed firm in 2026: on 12 October it closed at ₦1,332.99/$, roughly another 7% stronger than at end-2025. Over the same period gross reserves rose from about $34.8 billion at end-2025 to $55.07 billion on 8 October 2026, which has supported the currency.

In early October 2026 the parallel (“black”) market traded at about ₦1,357–1,375/$, so the gap with the official rate has narrowed a lot. Street exchange still carries risks of fake notes, scams and compliance trouble, so move larger sums through banks.

Yuan and naira: the currency swap

The People’s Bank of China and the CBN first signed a bilateral currency swap in April 2018: CNY 15 billion for three years. It was renewed in 2021 and again in December 2024, still at CNY 15 billion, now worth about ₦3.28 trillion, for another three years. In March 2026 Nigerian officials said they were in advanced talks to expand it to the equivalent of $10 billion.

Keep expectations realistic. The swap is a central-bank arrangement that supports trade settlement; it does not mean individuals can walk into a Nigerian branch and buy yuan at the official rate. China’s Ministry of Commerce country guide notes that most Chinese firms still settle in US dollars and naira, and that cooperation between Nigerian banks and mainland Chinese banks is limited. Traders with China-linked flows should ask their bank about yuan settlement; Stanbic IBTC, for example, runs a China-focused banking desk.

Using a domiciliary (USD) account

A foreign-currency account at a Nigerian bank is called a domiciliary account. CBN guidance from June 2023 says ordinary domiciliary account holders have “unfettered and unrestricted access” to their funds and that cash deposits are not restricted, subject to KYC and anti-money-laundering checks. Each bank sets its own practical limits for daily cash and transfers, so ask your branch.

To open a personal account as a foreigner you will usually need your passport, residence permit (CERPAC), proof of a Nigerian address and a Bank Verification Number (BVN), which any bank can enrol you for. Corporate accounts also need CAC documents, a tax ID and directors’ BVNs. Our STR visa and CERPAC guide explains the residence permit.

New CBN cash rules apply from 1 January 2026: individuals can withdraw up to ₦500,000 per week across all channels (ATMs no more than ₦100,000 a day) and companies ₦5 million per week. Above that, a 3% fee applies to individuals and 5% to companies. For everyday spending, transfers and wallets are easier; see our guide to OPay, PalmPay and mobile money.

Repatriating profits and capital

When a foreign investor brings capital in through a Nigerian bank, the bank issues an electronic Certificate of Capital Importation (eCCI), typically within 24–48 hours. With a CCI you can later send dividends, profits, loan repayments and divested capital out through an authorised dealer bank. Money brought in without a CCI is very hard to repatriate later, so fund a new company through proper channels from day one. Our company registration guide walks through the steps.

Sort out tax before you repatriate: under the China–Nigeria tax treaty, withholding tax on dividends is 7.5%. See our Nigeria Tax Act 2026 guide.

What the exchange rate means for daily life

A stronger naira means that if you earn in dollars or yuan and spend in naira, each unit of foreign currency buys fewer naira; a naira salary, on the other hand, is worth more in dollars. After the 2023 float, prices rose quickly. According to the National Bureau of Statistics, headline inflation had eased to 14.63% in September 2026, with food inflation at 19.59%, still high by most standards.

When you negotiate pay, agree on the currency, how much is paid in China versus locally, and whether local allowances move with the exchange rate. Rent is often paid a year or more upfront, so work out the full cost at the current rate before signing.

Practical tips

• Use licensed banks and authorised dealers for large conversions and transfers, and keep every receipt.
• If your salary is paid in naira, agree with your employer which date and reference rate (for example the CBN-published NFEM close) is used.
• Importers should plan where their dollars come from and keep customs and payment documents consistent.
• Avoid “private exchange” offers from strangers or chat groups; they are a common route to scams and money-laundering investigations.

Leisure spending and betting payments

Plenty of Chinese residents in Lagos watch football at the weekend or visit a hotel casino now and then. Gambling in Nigeria is regulated state by state and is for adults 18 and over only. Since February 2026 Lagos withholds 5% tax on online betting winnings, and you must give your NIN at payout. Only fund accounts with licensed operators through regular payment channels, and set a budget. Our guide to gambling in Nigeria explains state rules, payment options and responsible gambling.

Sources

• Nairametrics: Naira holds near ₦1,333 (13 Oct 2026, citing CBN data)
• Blueprint: Naira ends 2025 at ₦1,429/$1
• THISDAY: CBN floats naira (14 June 2023)
• Channels TV: CBN statement on FX market changes
• Techeconomy: official and parallel rates (October 2026)
• China Daily HK: China and Nigeria renew currency swap (27 Dec 2024)
• BusinessDay: FG pushes $10bn naira–yuan swap (2 Mar 2026)
• CBN 2023 domiciliary account guidance (reproduced)
• Channels TV: CBN cash withdrawal rules from January 2026
• Mondaq: Opening a bank account as a foreigner in Nigeria
• Mondaq: 2026 foreign direct investor’s legal guide (CCI)
• MOFCOM Country Guide: Nigeria (2025 edition)
• Voice of Nigeria / NBS: September 2026 inflation at 14.63%

Facts checked: 2026-10-22 · Niriliya Huaren Editorial Team · How we check facts