Nigerian Naira Appreciates Against US Dollar Amid Rising External Reserves
The Nigerian Naira saw a marginal appreciation against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on September 8, 2026. The local currency appreciated by 31 Kobo or 0.02 per cent to sell at N1,320.25/$1, compared to the previous day's value of N1,320.56/$1.
At the GTBank forex counter, the Nigerian Naira remained flat against the US Dollar at N1,330/$1, and also unchanged at the parallel market at N1,375/$1. Market analysts expect the Naira to remain broadly stable in the near term due to an improvement in external reserves.
Gross FX reserves increased to $54.08 billion as of September 3, marking the first time since December 2008 that they have exceeded $54 billion. Analysts at Coronation expect the NFEM rate to trade within a range of N1,300, N1,350/$1, barring any external shocks.
In the cryptocurrency market, Bitcoin rose by 0.5 per cent to $78,957.49, while other major cryptocurrencies like Ripple, Solana, and Ethereum also saw gains.