Naira Gains Against US Dollar As J.P. Morgan Index Inclusion Boosts FX Outlook
- The naira gained 22 kobo against the US dollar at the official NAFEM market on Monday, September 14, 2026, also strengthening against the pound and euro
- NAFEM turnover dropped by 35.8% to $95.61 million, while the naira slipped at the GTBank FX counter and held flat at the parallel market
- Nigeria's federal government linked the J.P. Morgan GBI-EM Edge inclusion to naira stabilisation and FX backlog clearance
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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 appreciated marginally against the United States dollar at the official foreign exchange market on Monday, September 14, 2026.
The Nigerian currency gained 22 kobo, or 0.02 per cent, at the Nigerian Foreign Exchange Market (NAFEM) to close at N1,326.30/$1, compared with N1,326.52/$1 recorded in the previous trading session.
Source: Getty Images
The naira also strengthened against the British pound and euro during the session.
It appreciated by N5.70 against the pound to close at N1,786.13/£1, compared with N1,792.52/£1 previously.
Similarly, the local currency gained N13.75 against the euro to close at N1,529.36/€1, compared with N1,540.22/€1 in the previous session.
Naira weakens at GTBank, remains flat at parallel market
However, the naira depreciated against the US dollar at the GTBank foreign exchange counter.
The currency weakened by N5 to N1,335/$1 from N1,330/$1 recorded previously.
At the parallel market, the naira traded flat at N1,370/$1.
Activities data showed that foreign exchange turnover at NAFEM fell by about 35.8% to $95.611 million on Monday from $148.848 million recorded in the previous trading session.
FX analysts expect the naira to maintain its appreciation trend in September, with the official exchange rate potentially testing the N1,300/$1 level as stronger external reserves and improved FX market liquidity support foreign exchange supply.
FG links naira stability to J.P. Morgan index inclusion
The federal government said the stabilisation of the naira, clearance of foreign exchange backlogs, stronger economic growth and improving inflation helped Nigeria qualify for inclusion in J.P. Morgan's newly introduced government bond index.
The development marks Nigeria's return to a J.P. Morgan government bond benchmark more than a decade after the country was removed from the bank's GBI-EM index in 2015.
In a statement on Monday, the Ministry of Finance said selected Federal Government of Nigeria (FGN) bonds had been assigned a 7.4% weighting in J.P. Morgan's newly introduced Government Bond Index-Emerging Markets Edge (GBI-EM Edge).
The statement reads:
“The inclusion reflects improvements in Nigeria’s economic and financial environment, including the stabilisation of the naira, clearance of foreign exchange backlogs, stronger economic growth and improvements in inflation.”
The ministry said the development is expected to attract additional foreign portfolio inflows as funds tracking the index adjust their portfolios to reflect Nigeria's weighting.
Source: Getty Images
CBN exchange rates for other currencies
The Central Bank of Nigeria's exchange rates showed the following values:
- CFA: N2.33
- Yuan/Renminbi: N197.70
- Danish krone: N204.55
- Euro: N1,529.36
- Yen: N8.56
- Riyal: N353.13
- South African rand: N81.20
- SDR: N1,816.33
- Swiss franc: N1,621.00
- Pounds sterling: N1,786.13
- US dollar: N1,326.30
- WAUA: N1,811.58
- UAE dirham: N361.09
Nigerian businesses forecast naira to dollar
Earlier, Legit.ng reported that businesses operating in Nigeria expect the naira to strengthen gradually against the US dollar through January 2027, based on findings from the Central Bank of Nigeria's (CBN) July 2026 Business Expectations Survey.
The survey showed that business confidence remained positive despite persistent economic challenges. The CBN recorded an overall Business Confidence Index (BCI) of 5.7 points for July 2026.
Businesses cited three major factors behind their positive outlook.
Source: Legit.ng
