Naira Strengthens to N1,337.28 as Forex Reserves Rise

On August 28, 2026, the Naira closed at N1,337.28 per dollar in the official foreign exchange market, reflecting a gain of N1.29 from the previous day's rate of N1,338.58. This performance indicates a 0.09 percent appreciation and extends a two-week strengthening trend for the currency.

The Naira began the week at N1,346.97 per dollar and gained N9.69, or 0.72 percent, by Friday. The Central Bank of Nigeria (CBN) reported that improved liquidity in the Nigerian Foreign Exchange Market (NFEM) has eased pressure on the Naira.

Market activity showed the Naira trading at N1,343.59 per dollar on Wednesday, with a notable gain of N5.01 on Thursday. The recent gains are attributed to stronger dollar availability, which has improved market conditions.

Additionally, foreign portfolio investments have increased demand for Nigerian assets, providing additional dollar liquidity and supporting the Naira's performance.