The naira strengthened to N1,329/$ on Tuesday, September 1, 2026, breaking below the N1,330/$ mark for the first time since 2024
The currency appreciated by N6.50, or 0.49%, from N1,335.50/$ recorded on Monday, according to data from the Central Bank of Nigeria (CBN).
Checks of the Nairametrics database show that Tuesday’s closing rate is the strongest level recorded by the naira since May 29, 2024 when it closed at 1,329.65/$.
The latest appreciation extends a sharp recovery recorded in the second half of August.
On September 1, the naira traded within a relatively narrow range of N1,327 to N1,335.50/$, while the weighted average rate stood at N1,329.43/$.
Interbank turnover was $139.45 million, based on the CBN data.
The naira’s stronger performance comes as Nigeria’s external reserves have continued to build.
The stronger reserve position provides a larger foreign-currency buffer for the CBN and could help improve confidence in the country’s external position.
The recent naira appreciation has also followed a period of increased stability in the foreign exchange market, with the currency moving progressively lower from the N1,350/$ range in late August.
Earlier, Nairametrics reported that the naira recorded its first April appreciation under the NAFEX era since 2024.
The recent gains have strengthened Nigeria’s foreign exchange buffer and provide a larger cushion against external shocks, while supporting the country’s capacity to meet international obligations.
In July, the Monetary Policy Committee retained the Monetary Policy Rate at 26.5% at its 306th meeting held in Abuja on July 20 and 21, 2026.
Nairametrics reported earlier that traders have said the CBN had maintained restrictions on Bureau De Change (BDC) operators’ access to the official foreign exchange market, citing concerns over control and past abuses.
