Naira Gains N11 Against Dollar as Reserves Rise
The naira strengthened by N11.11 against the dollar over the past week, closing at N1,346.49 per dollar in the official market, marking a week-on-week improvement of 0.83%. This recovery was attributed to increased dollar supply from foreign investors, exporters, and non-bank corporate entities, easing pressure on the domestic currency.
On August 22, the naira edged up further by N1.14, or 0.08%, in the Nigerian Foreign Exchange Market (NFEM). Interbank FX turnover fell sharply by 132.8% to $159.7 million, with the number of deals dropping to 109.
The naira also appreciated against other major currencies, closing at N1,836.75 per pound and N1,573.11 per euro. Nigeria's foreign reserves increased to $50.96 billion as of June 17, 2026, from $37.74 billion the previous year, representing a 35.03% increase and the highest level since 2009.
This rise in reserves is expected to support the naira's stability in the near term.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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