Market News
Naira extends appreciation as foreign reserves hit $53.90bn - DAILY POST
The naira extended its appreciation against the dollar at the official foreign exchange market on Wednesday as Nigeria’s foreign reserves rose to $53.90 billion.
Data from the Central Bank of Nigeria, CBN, showed that the naira strengthened further on September 2, 2026, to N1,326.69 per dollar, compared with N1,329.43 traded the previous day.
This means that the naira appreciated by N2.74 against the dollar on a day-to-day basis at the official foreign exchange market.
Meanwhile, at the parallel market, the naira remained unchanged at N1,400 per dollar on Wednesday, the same rate recorded on Tuesday.
The mixed sentiment across the foreign exchange markets comes as the country’s foreign reserves rose further to $53.90 billion as of September 1, 2026.
Recall that on Tuesday, the naira appreciated against the dollar to begin the month on a positive note.
