Naira Strengthens Against Major Currencies Amid Remittance Inflows
The Nigerian Naira strengthened against major currencies in the official foreign exchange market on Monday, August 31. The domestic currency gained N4.35 or 0.33 per cent to close at N1,332.94/$1, compared to last Friday's rate of N1,337.29/$1. It also appreciated by N10.44 against the Pound Sterling, trading at N1,805.06/£1, and by N11.06 against the Euro, trading at N1,545.81/€1.
The Naira's value improved in the parallel market as well, increasing by N5 to quote at N1,380/$1 compared to the previous session's N1,385/$1. However, it remained unchanged at the GTBank forex desk, trading flat at N1,346/$1.
The Central Bank of Nigeria attributed the country's $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July as a key driver of FX inflows. The apex bank also reported a significant strengthening in flows through formal channels, with IMTO inflows reaching $3.8 billion in the first seven months of 2026, up by 50.2 per cent compared to the same period in 2025.
The cryptocurrency market saw most major digital coins increase in value, despite rising oil prices due to tensions between the US and Iran. Bitcoin rose above $78,000 to $78,737.75, while other cryptocurrencies such as Cardano (ADA), Ripple (XRP), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Binance Coin (BNB) also gained value.