By Boluwatife Oshadiya | September 3, 2026
Key Points
- Naira strengthens to ₦1,329.43/$ at the official Nigerian foreign exchange market
- Currency records its strongest official level since May 29, 2024
- External reserves reach $53.806 billion as foreign exchange conditions improve
Main Story
The naira strengthened to ₦1,329.43 per US dollar at Nigeria’s official foreign exchange market on Tuesday, September 1, 2026, extending its recent appreciation and reaching its strongest level in more than two years.
Central Bank of Nigeria (CBN) data showed the currency gained ₦6.50, or 0.49%, from ₦1,335.50/$ on the previous trading day. The September 1 close was the naira’s strongest official level since May 29, 2024, when it closed at ₦1,329.65/$, according to market reporting based on CBN data.
The currency traded within a range of ₦1,327 to ₦1,335.50/$ during the session, while the weighted average official rate settled at ₦1,329.43/$.
The latest appreciation extends a recovery that has gathered pace since mid-August. The naira strengthened from ₦1,358.25/$ on August 14 to ₦1,349.99/$ on August 24, ₦1,343/$ on August 26 and ₦1,337/$ on August 28 before closing at ₦1,335.50/$ on August 31.
Nigeria’s external position has also improved. Gross external reserves rose to $53.806 billion at the end of August, providing a larger foreign exchange buffer for the economy, according to figures reported from CBN data.
Foreign exchange activity, however, remains closely watched. CBN data showed interbank turnover of $139.454 million on September 1, while market participants continued to monitor the spread between official and parallel-market quotations.
The latest move comes as the naira continues to recover from the higher levels recorded earlier in August and as stronger external reserves support confidence in Nigeria’s foreign exchange position.
What’s Being Said
“The latest closing rate is the strongest level recorded by the naira since May 29, 2024.” Nairametrics, citing Central Bank of Nigeria data and its market database.
The improvement has been linked by market observers to stronger foreign exchange liquidity and the rebuilding of Nigeria’s external reserves, although the gap between the official market and parallel-market rates remains a factor to watch.
What’s Next
The market will continue to track daily CBN foreign exchange data for evidence that the naira’s appreciation is being sustained.
Investors and businesses will also watch external reserves, dollar supply, foreign exchange turnover and demand for imported goods for signs of whether current stability can persist.
Bottom Line
The Bottom Line: The naira’s move below ₦1,330/$ is a significant improvement in the official market and is supported by stronger external reserves. Sustaining the gains, however, will depend on whether improved dollar liquidity and reserves continue to translate into deeper and more stable foreign exchange conditions.
