Naira Hits Strongest Level in Two Years at N1,329/$

On September 1, 2026, the naira closed at N1,329/$, its strongest position against the United States dollar in over two years, according to data from the Central Bank of Nigeria (CBN). This marks the first time the currency has traded below the N1,330/$ threshold since May 29, 2024.

The naira gained N6.50, or 0.49%, from the previous day's close of N1,335.50/$. The currency's appreciation is part of a broader recovery that began in the second half of August, moving from N1,358.25/$ on August 14 to N1,335.50/$ by August 31, totaling a gain of N29.25, or approximately 2.15%.

In the parallel market, the naira strengthened by N5 to N1,375/$, while it closed at N1,343/$ at the forex desk after gaining N3. The naira also appreciated against the British pound and the euro.

Nigeria's external reserves rose to $53.8 billion on August 31, 2026, up from $45.57 billion at the year's start. The CBN also released updated exchange rates for major currencies.