Naira Strengthens to ₦1,329 as Reserves Hit $53.8bn

On September 1, 2026, the Nigerian naira appreciated to ₦1,329.43 per dollar in the official foreign exchange market, compared to ₦1,332.94 the previous day, marking a 1% increase over the week. This strengthening is attributed to improved liquidity and rising external reserves, which reached approximately $53.806 billion by the end of August.

The Central Bank of Nigeria (CBN) reported that foreign exchange market activity increased, with interbank turnover climbing to $130.45 million on September 1, up from $105.64 million the previous day. The number of recorded transactions also rose from 118 to 139.

In August, the Nigerian Foreign Exchange Market (NFEM) recorded a turnover of about $14.45 billion, a 13.8% increase from July. Despite the naira's gains, the parallel market still quoted the dollar at ₦1,400 to ₦1,410 on September 2, indicating a significant gap between official and informal rates.

Sustained naira gains could reduce the local-currency cost of dollar-denominated obligations for businesses and consumers.