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.