Naira Strengthens to N1,320/$ Amid Low FX Turnover
On September 7, 2026, the naira appreciated to N1,320/$ in the Nigerian Foreign Exchange Market (NFEM), despite a significant drop in trading activity. The turnover fell to N107.07 million, a 78.4% decrease from N495.70 million recorded on September 4.
This decline represents the lowest turnover since April 2, when it was N73.90 million. During the trading session, the naira fluctuated between N1,318.50/$ and N1,322.50/$.
The weighted average rate was noted at N1,320.56/$. The trading activity has been volatile, with turnover previously at N674.38 million on September 3.
This downturn contrasts sharply with higher turnover levels seen in August, where the foreign exchange market recorded its strongest weekly turnover of 2026, totaling $5.06 billion for the week ending August 21. The Central Bank of Nigeria continues to implement a tight monetary policy to manage inflation and support macroeconomic stability.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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