Naira Strengthens to N1,315 as Dollar Falls to N1,302 at Official FX Market
- Naira strengthens to N1,302 against the US dollar, gaining N11 in a single day
- Forex turnover rises by over 62% to $152.04 million amid increased activity across the markets
- Nigeria's external reserves approach $54 billion, supporting naira stability
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira is showing fresh signs of strength against the US dollar, with the local currency strengthening significantly at the official foreign exchange market and trading as low as N1,302 per dollar during Thursday’s session.
The naira closed at N1,315.67 to the dollar, compared with N1,326.69 recorded the previous day, according to data from the Central Bank of Nigeria (CBN).
Source: Getty Images
Naira moves closer to N1,300
The latest appreciation means the naira gained about N11 against the dollar at the official window in one day, bringing the currency closer to the psychologically important N1,300 mark.
Market data showed that transactions during Thursday’s session were conducted between N1,302 and N1,324 per dollar, highlighting stronger demand and supply dynamics in the forex market.
The currency has now strengthened by roughly N17 since the beginning of the month, suggesting that improved foreign exchange liquidity is providing some support for the naira.
Analysts attributed the latest movement partly to increased activity by financial institutions acting as market makers in the official FX market.
FX turnover surges more than 62%
The improvement in the naira’s performance came alongside a sharp increase in trading activity.
CBN data showed that turnover in the Nigerian Foreign Exchange Market (NFEM) rose by more than 62% to $152.04 million on Thursday, compared with $93.66 million recorded the previous day.
The number of deals also climbed significantly, rising to 153 from 105 a day earlier.
The jump in transaction volumes suggests that greater liquidity and increased participation are helping to deepen activity in the official foreign exchange market.
$54 billion reserves offer more support
Nigeria’s external reserves are also providing an important backdrop for the naira’s recent performance.
The country’s gross external reserves have moved close to $54 billion following fresh inflows from various sources.
A stronger reserve position gives the CBN and the wider FX market a larger buffer to manage foreign exchange liquidity and market pressures.
Source: Getty Images
If the current liquidity conditions are sustained, the naira could continue to receive support in the coming weeks.
However, movements in global currencies, crude oil prices, capital inflows and domestic dollar demand will remain critical to the currency’s direction.
For now, the naira’s move towards N1,300 is offering a fresh boost to hopes of greater stability in Nigeria’s foreign exchange market.
Naira gains ground again as dollar falls
Legit.ng earlier reported that the Nigerian naira has extended its recent gains against the US dollar, strengthening to about ₦1,329 at the official foreign exchange market on September 1, 2026, as improved liquidity and rising external reserves provide fresh support for the currency.
The naira closed at ₦1,329.43 per dollar on September 1, compared with ₦1,332.94 the previous trading day, according to data from the Central Bank of Nigeria (CBN).
Source: Legit.ng
