Naira Hits 1,320 Against Dollar After Reserves Surpass $54 Billion

The Nigerian naira has gained ground against the US dollar in the official foreign exchange market. On Tuesday, September 8, 2026, the naira closed at N1,320.25/$1 on the Nigerian Foreign Exchange Market (NAFEM), up from N1,320.56/$1 in the prior session. This represents a gain of 31 kobo, or 0.02%. The improvement against the dollar was not matched across all currencies.

Against the pound sterling, the naira slipped by N1.69, ending the session at N1,789.86/£1 compared with N1,788.17/£1 previously. However, it fared better against the euro, gaining 89 koba to close at N1,534.52/€1.

Market analysts cited the recovery in Nigeria's external reserves and relatively contained exchange-rate pressure as key supporting factors for the naira's stability in the short term. The Central Bank of Nigeria's capacity to manage FX demand has also been strengthened by the growth in foreign reserves.