Naira Strengthens to N1,337/$ Amid Plunging FX Turnover
On August 28, 2026, the naira strengthened to N1,337/$ at the Nigerian Foreign Exchange Market, reflecting a 0.96% appreciation from N1,349.99/$ on August 24. Weekly foreign exchange turnover plummeted by 48.7% to $2.71 billion from approximately $5.28 billion recorded between August 17 and 21.
The naira opened the week at N1,349.99/$, improved to N1,343/$ on August 26, and reached N1,336/$ on August 27. In the parallel market, the naira appreciated to N1,403/$ from N1,407/$ the previous day.
This appreciation coincided with Nigeria’s foreign exchange reserves surpassing $53 billion for the first time in over 17 years, reaching $53.11 billion as of August 24. CBN Governor Olayemi Cardoso dismissed claims of aggressive interventions in the FX market, stating that such interventions now represent only about 1.2% to 1.3% of total FX turnover.
He attributed the improved FX market structure to recent reforms, including the FX Code and electronic trading platform.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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