Naira Depreciates Against Dollar, CBN Reports Strong Reserves

On September 16, 2026, the naira closed at N1,329.86 per US dollar, marking a depreciation of 56 kobo or 0.24% from the previous day's rate of N1,329.30. The naira also weakened against other major currencies, falling to N1,789.19 per pound and N1,534.26 per euro.

Interbank foreign exchange turnover saw a significant decline of 65.9%, dropping to $89.355 million from $262.10 million. In the parallel market, the dollar traded at N1,370.

Despite the naira's depreciation, Nigeria's foreign reserves increased to approximately $54.61 billion as of September 14, the highest level in about 18 years. This reserve build-up is attributed to stronger foreign exchange inflows, particularly from oil.

The Central Bank of Nigeria (CBN) has maintained a $150,000 weekly foreign exchange purchase ceiling for Bureau De Change operators and published new operational guidelines for accessing dollars through authorized dealer banks.