By Boluwatife Oshadiya | September 4, 2026
Key Points
- Naira appreciates to ₦1,315.6717 per dollar at the official foreign exchange market
- Interbank FX turnover rises 62% to $152.04 million as the number of deals increases to 153
- The currency trades between ₦1,302 and ₦1,324 per dollar during Thursday’s session
Main Story
The Nigerian naira strengthened against the US dollar on Thursday, closing at ₦1,315.6717 at the official foreign exchange market as interbank turnover rose sharply.
Data from the Central Bank of Nigeria (CBN) showed that the official spot rate improved from ₦1,326.6862 per dollar on Wednesday, representing an appreciation of about ₦11.
Market transactions were conducted between ₦1,302 and ₦1,324 per dollar during the session, according to Broadstreet analysts cited by MarketForces Africa.
The improvement came alongside a significant increase in foreign exchange market activity. CBN data showed that Nigeria Foreign Exchange Market (NFEM) interbank turnover rose by more than 62% to $152.042 million from $93.655 million recorded in the previous session.
The number of deals executed also increased to 153 from 105 previously, indicating higher participation in the interbank market.
The naira’s appreciation has brought the currency closer to the ₦1,300-per-dollar level after a period of steady gains in the foreign exchange market.
Analysts attributed the movement partly to increased activity by financial institutions acting as market makers, which contributed to the rise in market turnover.
Nigeria’s gross external reserves also moved closer to $54 billion following fresh inflows, according to the information provided. A stronger reserve position could provide additional support for the naira if sustained.
What’s Being Said
Broadstreet analysts said increased activity by financial institutions as market makers helped drive the surge in FX market turnover.
The CBN data showed that the rise in turnover coincided with higher deal volumes, with 153 transactions recorded during the session compared with 105 the previous day.
What’s Next
Market participants will monitor the official exchange rate and NFEM turnover in subsequent sessions to determine whether the naira’s recent appreciation can be sustained.
The level of gross external reserves and continued foreign exchange inflows will also remain important indicators for the currency’s near-term performance.
Bottom Line
The Bottom Line: The naira’s latest gain was accompanied by a sharp increase in interbank FX activity, making the rise more significant than a movement in the quoted exchange rate alone. Sustained liquidity and market participation will be critical to determining whether the currency can remain around the ₦1,300-per-dollar level.
