The naira strengthened to N1,329/$ in the official market on Tuesday, September 1, 2026, breaking below the N1,330/$ level for the first time since May 2024 as the currency extended its recent recovery in the foreign exchange market.
According to data from the Central Bank of Nigeria (CBN), the naira appreciated by N6.50, or 0.49%, from the N1,335.50/$ closing rate recorded on Monday. The latest closing rate represents the strongest level for the naira since May 29, 2024, when it closed at N1,329.65/$.
The latest appreciation extends a sustained recovery that has gathered momentum since the middle of August when the naira closed at N1,358.25/$ on August 14 before strengthening to N1,349.99/$ on August 24, N1,343/$ on August 26 and N1,337/$ on August 28.
The currency strengthened further at the start of September, moving from N1,335.50/$ on August 31 to N1,329/$ on September 1 and between August 14 and September 1, the naira gained N29.25 against the dollar, representing an appreciation of approximately 2.15%.
The currency’s movement from above N1,360/$ earlier in August to below N1,330/$ by September 1 represents a notable improvement in the official foreign exchange market.
Rising External Reserves
Nigeria’s external reserves rose to $53.8 billion on August 31, up by more than $8 billion from $45.57 billion recorded at the beginning of 2026. The reserves had already crossed the $53 billion mark earlier in August, reaching $53.11 billion as of August 24 — the highest level in more than 17 years.
The latest reserve position has also surpassed the CBN’s projected reserve level of approximately $51.04 billion for the full year 2026 and provides the CBN with a larger foreign-exchange buffer that could help strengthen market confidence in Nigeria’s external position.
