Naira Gains 22 Kobo Against Dollar as J.P. Morgan Index Return Lifts FX Outlook

The naira appreciated marginally against the United States dollar at the official foreign exchange market on Monday, September 14, 2026, gaining 22 kobo or 0.02 per cent to close at N1,326.30/$1 at the Nigerian Foreign Exchange Market (NAFEM). It had closed at N1,326.52/$1 in the previous trading session.

The Nigerian currency also strengthened against the British pound and the euro, even as turnover at the official window fell sharply and the naira weakened at the GTBank FX counter.

Naira Gains Against Pound, Euro

The naira appreciated by N5.70 against the pound to close at N1,786.13/£1, compared with N1,792.52/£1 previously. Against the euro, it gained N13.75 to close at N1,529.36/€1, up from N1,540.22/€1 in the last session.

The gains did not extend everywhere. At the GTBank foreign exchange counter, the naira depreciated by N5 to N1,335/$1 from N1,330/$1. At the parallel market, the currency traded flat at N1,370/$1.

Activity data showed that foreign exchange turnover at NAFEM fell by about 35.8 per cent to $95.611 million on Monday, from $148.848 million in the previous trading session.

FX analysts expect the naira to hold its appreciation trend through September, with the official rate potentially testing the N1,300/$1 level as stronger external reserves and improved market liquidity support foreign exchange supply.

J.P. Morgan Index Inclusion Linked to Naira Stability

The federal government said the stabilisation of the naira, clearance of foreign exchange backlogs, stronger economic growth and improving inflation helped Nigeria qualify for inclusion in J.P. Morgan's newly introduced government bond index.

Selected Federal Government of Nigeria bonds were assigned a 7.4 per cent weighting in the Government Bond Index-Emerging Markets Edge (GBI-EM Edge). The development marks Nigeria's return to a J.P. Morgan government bond benchmark more than a decade after the country was removed from the bank's GBI-EM index in 2015.

In a statement on Monday, the Ministry of Finance said: "The inclusion reflects improvements in Nigeria's economic and financial environment, including the stabilisation of the naira, clearance of foreign exchange backlogs, stronger economic growth and improvements in inflation."

The ministry said the inclusion is expected to attract additional foreign portfolio inflows as funds tracking the index adjust their portfolios to reflect Nigeria's weighting.

Other CBN Rates

Central Bank of Nigeria exchange rates showed the following values: CFA N2.33, Yuan/Renminbi N197.70, Danish krone N204.55, Euro N1,529.36, Yen N8.56, Riyal N353.13, South African rand N81.20, SDR N1,816.33, Swiss franc N1,621.00, Pounds sterling N1,786.13, US dollar N1,326.30, WAUA N1,811.58 and UAE dirham N361.09.

Businesses operating in Nigeria expect the naira to strengthen gradually against the US dollar through January 2027, according to the Central Bank of Nigeria's July 2026 Business Expectations Survey. The survey recorded an overall Business Confidence Index of 5.7 points for July 2026, with business confidence staying positive despite persistent economic challenges.

For importers and businesses pricing goods in dollars, the direction of the official rate matters more than the daily kobo movements. A push towards N1,300/$1 would ease input costs, while the wider gap with the parallel market rate of N1,370/$1 keeps pressure on firms that cannot access official FX.