CBN Reports 123% Surge in FX Turnover as Naira Strengthens

On September 30, 2026, interbank foreign exchange turnover surged by 123% to $179.58 million, up from $80.58 million on September 29, as the naira strengthened to N1,329.50/$ at the Nigerian Foreign Exchange Market. The Central Bank of Nigeria (CBN) reported this data, indicating a rebound in interbank activity after a decline the previous day.

The naira's closing rate improved from N1,331/$ the day before. This strengthening of the naira coincided with Nigeria's foreign reserves surpassing $55 billion, marking the highest level in over 18 years, as stated by CBN Governor Olayemi Cardoso.

The CBN's recent decision to lower its benchmark interest rate and adjust the asymmetric corridor around the Monetary Policy Rate (MPR) contributed to this increase in turnover. The Cash Reserve Requirement (CRR) was retained at 45% for Deposit Money Banks and 16% for Merchant Banks, while maintaining a 75% CRR on non-Treasury Single Account public sector deposits.