Naira Hits Two-Year High Against US Dollar Amid Broader Recovery

The Nigerian naira has broken below the N1,330/$ mark, its strongest position against the US dollar in over two years. The Central Bank of Nigeria (CBN) released new exchange rates on Tuesday, September 1, 2026, with the naira closing at N1,329/$.

The currency gained N6.50 against the dollar in a single session, as part of a broader recovery that began in mid-August. From August 14 to September 1, the naira strengthened by N29.25, representing an appreciation of about 2.15%.

Nigeria's external reserves have also climbed to $53.8 billion, up more than $8 billion from the start of the year. This significant rise in reserves coincides with the strengthening of the naira against major international currencies.