Naira Slips to N1,329.86/$1 as Interbank Dollar Turnover Falls 65.9%
By Aboki Forex —
The naira closed at N1,329.86 per dollar at Nigeria's official foreign exchange market on Wednesday, September 16, 2026, weakening by 56 kobo or 0.24% from the N1,329.30 recorded in the previous session on Tuesday.
Foreign exchange activity among banks thinned out sharply. Data from the Central Bank of Nigeria showed interbank FX turnover fell 65.9% to $89.355 million from $262.10 million in the prior session.
Naira loses ground against pound, euro
The local currency also weakened against other major currencies. It fell N3.06 against the Pound Sterling to close at N1,789.19 per pound, down from N1,786.13 a day earlier.
Against the Euro, the naira dropped N4.90 to close at N1,534.26 per euro, compared with N1,529.36 per euro in the previous session.
Away from the interbank market, the dollar traded at N1,336 at the GTBank FX desk, while the parallel market rate hovered around N1,370 per dollar.
External reserves climb to 18-year high
Despite the day's depreciation, Nigeria's foreign reserve position remains strong. CBN data shows gross external reserves rose to about $54.61 billion as of September 14, the highest level in roughly 18 years.
A larger reserve buffer gives the CBN greater capacity to meet external obligations and support liquidity in the foreign exchange market.
The reserve build-up has been linked to stronger foreign exchange inflows, with oil continuing to play a key role in dollar earnings. Still, the exchange rate remains sensitive to shifts in dollar demand and overall market liquidity.
CBN rates for other currencies
The CBN's rates for selected currencies on Wednesday were: CFA N2.34, Chinese Yuan/Renminbi N198.26, Danish Krone N205.20, Euro N1,534.26, Japanese Yen N8.57, Saudi Riyal N354.04, South African Rand N81.57, SDR N1,820.44, Swiss Franc N1,623.56, Pound Sterling N1,789.19, US Dollar N1,329.86, WAUA N1,818.85 and UAE Dirham N362.08.
Separately, the CBN has maintained its $150,000 weekly foreign exchange purchase ceiling for Bureau De Change operators, publishing new operational guidelines that govern how licensed BDCs can access dollars through authorised dealer banks in the Nigerian Foreign Exchange Market. The guidance, addressed to authorised dealer banks and licensed BDC operators, details procedures for implementing a February 10, 2026 circular that restored BDC access to the official foreign exchange market.
For businesses and consumers, movements in the official rate directly affect the naira cost of imported goods, raw materials and equipment priced in foreign currencies.