Naira Strengthens to N1,322.50/$ Amid FX Turnover Drop

The naira strengthened to N1,322.50/$ at the Nigerian Foreign Exchange Market (NFEM) on September 4, 2026, marking a gain of N13, or 0.97%, from the previous week’s opening rate of N1,335.50/$. This appreciation occurred despite a significant decline in weekly foreign exchange turnover, which fell by about $1.05 billion from $3.19 billion to $2.14 billion, according to data from the Central Bank of Nigeria (CBN).

The naira began the week at N1,335.50/$ on August 31, improved to N1,329/$ on September 1, and further to N1,324.50/$ on September 2. The turnover for the week included $228.52 million on August 31, $574.42 million on September 1, $658.46 million on September 2, and $674.38 million on September 3.

No turnover was reported for September 4 at the time of the report. The naira's recent gains have bolstered Nigeria's foreign exchange buffer, enhancing the country's ability to meet international obligations.