The naira strengthened to N1,322.50/$ at the Nigerian Foreign Exchange Market (NFEM) on Friday, extending its recent appreciation against the US dollar despite a significant decline in weekly foreign exchange turnover.
The currency closed at N1,322.50/$ on September 4, unchanged from the previous session but stronger than the N1,335.50/$ recorded at the start of the week. This represents a gain of N13, or 0.97%, between Monday and Friday.
The naira’s weekly appreciation came as NFEM turnover fell by about $1.05 billion, from $3.19 billion in the preceding week to $2.14 billion in the latest week, based on the reported Central Bank of Nigeria (CBN) data.
The naira began the week at N1,335.50/$ on August 31 before strengthening to N1,329/$ on September 1 and N1,324.50/$ on September 2.
NFEM turnover totalled about $2.14 billion between August 31 and September 3, based on the reported daily figures. This compares with approximately $3.19 billion recorded during the preceding week, representing a decline of $1.05 billion, or 33%.
The latest week’s turnover comprised $228.52 million on August 31, $574.42 million on September 1, $658.46 million on September 2 and $674.38 million on September 3. No NFEM turnover was reported for Friday September 4 as of the time of filing this report.
The stronger naira comes amid an improvement in Nigeria’s broader external position.
The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.
During the week, Nairametrics reported that the naira strengthened to N1,329/$ on Tuesday, September 1, 2026, breaking below the N1,330/$ mark for the first time since 2024.
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.
