CBN Sets New Exchange Rates as Foreign Reserves Hit Record High

The Central Bank of Nigeria (CBN) has announced new official exchange rates for major currencies on September 24, 2026. The dollar selling rate is set at N1,328.67, with the pound sterling and euro holding above the N1,500 mark at N1,758.36 and N1,511.63 respectively.

The CBN noted that its published rates are official reference rates, which may differ from what banks and authorized dealers quote. The bank's governor, Olayemi Cardoso, attributed the growth in the country's foreign reserves to measures implemented by the CBN, saying it has reached $54 billion, putting the external position at its strongest level in 18 years.

Cardoso emphasized the greater stability in the forex market, stating that it was one of his proudest achievements since taking office. The CBN had previously cut its benchmark interest rate by 350 basis points to 23% in a move expected to lower borrowing costs across the Nigerian economy.