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A novel method is proposed for increasing the giant magnetoresistance (GMR) of dual spin valves of the CoFe/Cu/CoFe/Cu/CoFe type by inserting nano-oxide layers (NOLs) into the pinned layers. Using this method, MR ratio of 23.5% was obtained, a value equal to those of specular spin valves with antiferromagnetic oxide, e.g., NiO. This method allows the selection of metallic materials for the antiferromagnetic layer. In addition, we obtained the specularity factor of upper NOLs, 0.8, and that of lower NOLs, 0.7, by calculating Boltzmann equations taking into account the roughness of each interlayer. This model shows that the MR ratio would be 27.5% for dual spin valves with ideal NOLs. [Copyright &y& Elsevier]