Market News

Naira strengthens to strongest level in over two years as CBN releases new exchange rates

The naira strengthened further against the United States dollar on Tuesday, September 1, 2026, closing at N1,329 per dollar, its strongest level in more than two years.

Data from the Central Bank of Nigeria (CBN) showed that the naira gained N6.50 from the N1,335.50/$ recorded at the close of trading on Monday.

The latest exchange rate is the first time the naira has traded below N1,330/$ since May 29, 2024, when it closed at N1,329.65/$.

The latest improvement is part of a steady recovery recorded by the naira since the middle of August.

The currency moved from N1,358.25/$ on August 14 to N1,349.99/$ on August 24. It later strengthened to N1,343/$ on August 26, N1,337/$ on August 28 and N1,335.50/$ on August 31.

Overall, the naira gained N29.25, or about 2.15 per cent, between August 14 and September 1.

The naira also strengthened in the parallel market, where it traded at N1,375/$ compared with N1,380/$ recorded the previous day.

At the GTBank foreign exchange desk, the naira closed at N1,343/$ after gaining N3.

The currency also recorded gains against the British pound and the euro. It strengthened by N5.42 against the pound to close at N1,800.18 per pound, while it gained N3.80 against the euro to close at N1,542.01.

Foreign exchange turnover rises

Trading activity in the foreign exchange market increased significantly on Tuesday.

The naira traded between N1,327 and N1,335.50/$ during the session, with a weighted average rate of N1,329.43/$.

Total foreign exchange turnover rose by 30.8 per cent to $139.45 million from $106.64 million recorded on Monday.

The number of deals also increased from 118 to 139.

The stronger performance of the naira came as Nigeria’s external reserves continued to rise.

The country’s external reserves stood at $53.8 billion as of August 31, 2026, compared with $45.57 billion at the beginning of the year.