Naira Gains 0.84% Against Dollar Amid FX Turnover Surge
The Nigerian naira gained 0.84% against the US dollar, closing at N1,346.90/$ on August 21, 2026, up from N1,358.25/$ the previous week. This appreciation was supported by a significant increase in foreign exchange transactions, with the Nigerian Foreign Exchange Market (NAFEM) turnover reaching $4.52 billion from August 17 to August 21, 2026, a 107.6% rise from the $2.18 billion recorded the week prior.
The naira opened at N1,350/$ on August 17 and showed gradual strengthening throughout the week, with Friday's closing rate marking its strongest level. The Central Bank of Nigeria (CBN) reported that the currency traded between N1,342/$ and N1,348/$ on August 21.
Additionally, Nigeria's external reserves increased to $52.02 billion as of July 20, 2026, surpassing the CBN's December 2025 projection of $51.04 billion for the year, attributed to stronger crude oil earnings and ongoing foreign exchange market reforms.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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