Naira Appreciates to Strongest Level in 2 Years, CBN Releases New Exchange Rates
- The naira broke below the N1,330/$ mark on Tuesday, September 1, 2026, a level not seen since May 2024
- The currency gained N6.50 against the dollar in a single session, continuing a recovery that began in mid-August
- Nigeria's external reserves climbed to $53.8 billion, up more than $8 billion from the start of the year
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira closed at N1,329/$ on Tuesday, September 1, 2026, its strongest position against the United States dollar in more than two years, according to data from the Central Bank of Nigeria (CBN).
The move marks the first time the currency has traded below the N1,330/$ threshold since May 29, 2024, when it closed at N1,329.65/$.
Source: UGC
In a single session, the naira gained N6.50, or 0.49%, from the N1,335.50/$ recorded at the close of trading on Monday.
Naira Extends Recovery Against Dollar
Tuesday's rate is part of a broader recovery that gathered pace in the second half of August.
From N1,358.25/$ on August 14, the naira steadily strengthened through N1,349.99/$ on August 24, N1,343/$ on August 26, and N1,337/$ on August 28, before reaching N1,335.50/$ on August 31.
The total gain between August 14 and September 1 came to N29.25, representing an appreciation of about 2.15%.
The currency also made gains across other segments of the foreign exchange market. In the parallel market, it firmed by N5 to N1,375/$, compared with N1,380/$ the previous day.
At the GTBank forex desk, the naira closed at N1,343/$ after gaining N3.
The naira also strengthened against the British pound and the euro. It gained N5.42 against sterling to close at N1,800.18 per pound, while it picked up N3.80 against the euro to end the session at N1,542.01.
FX Turnover and Reserves Improve
Trading activity increased sharply on Tuesday.
The naira moved within a range of N1,327 to N1,335.50/$ during the session, with a weighted average rate of N1,329.43/$.
Total FX turnover rose 30.8% to $139.45 million from $106.64 million the previous day, while the number of deals climbed from 118 to 139.
The stronger naira performance coincides with a significant rise in Nigeria's external reserves.
The reserves reached $53.8 billion on August 31, 2026, up from $45.57 billion at the start of the year, a gain of more than $8 billion in eight months.
Source: Twitter
CBN release new exchange rates
The Central Bank of Nigeria also released updated exchange rates for major international currencies.
The rates were:
- CFA: N2.36
- Yuan/Renminbi: N197.79
- Danish Krone: N206.26
- Euro: N1,542.01
- Yen: N8.31
- Riyal: N354.08
- South African Rand: N82.47
- SDR: N1,819.19
- Swiss Franc: N1,637.63
- Pound Sterling: N1,800.18
- US Dollar: N1,329.43
- WAUA: N1,823.95
- UAE Dirham: N361.96
BDCs Recapitalisation
Earlier, Legit.ng reported that the Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the mandatory recapitalisation of Bureau De Change (BDC) operators.
The apex bank had set a deadline for BDCs to meet its capital requirements or face revocation of their licence.
Source: Legit.ng
