The naira strengthened against the US dollar at the official foreign exchange market on Wednesday, September 2, 2026, closing at N1,324.50/$ compared with N1,329/$ recorded the previous day.
Data from the Central Bank of Nigeria (CBN), as presented in the latest daily currency exchange rate report, shows that the naira gained N4.50, representing a 0.34% appreciation against the dollar.
The movement came as Nigeria’s external reserves increased to $53.90 billion as of September 1, 2026, up from $53.807 billion on August 31. This represents a $93 million increase, or 0.55%, in one day.
Meanwhile, the parallel-market exchange rate remained unchanged at N1,395/$ on September 3, compared with the same rate recorded on September 2, according to rates attributed to Bureau de Change (BDC) operators.
The pound sterling, however, appreciated against the naira in the parallel market, with the exchange rate rising to N1,875/£1 from N1,870/£1. This represents a N5, or 0.27%, movement. The euro also strengthened against the naira, rising to N1,570/€1 from N1,560/€1, representing a N10 increase, or 0.64% while the Canadian dollar remained unchanged at N1,055/C$1.
