CBN quotes dollar at N1,328.67 as Cardoso says reserves hit $55bn, best in 18 years

The Central Bank of Nigeria has published its official exchange rates for September 24, 2026, with the US dollar selling at N1,328.67. The buying rate was put at N1,327.67, while the central rate stood at N1,328.17.

The CBN said the published figures are official reference rates and may differ from what banks and authorised dealers quote to customers.

Pound, euro stay above N1,500

The pound sterling recorded a selling rate of N1,758.36, with its central rate at N1,757.70. The euro was quoted at a selling rate of N1,511.63 and a central rate of N1,511.06, keeping both currencies above the N1,500 threshold against the naira.

The Swiss franc came in at a selling rate of N1,605.45, while the Special Drawing Rights stood at N1,805.25.

Other official selling rates published by the CBN:

UAE dirham: N361.76
Saudi riyal: N353.86
Chinese yuan: N197.92
South African rand: N81.09
Japanese yen: N8.38
Danish krone: N202.20
CFA franc: N2.31

Reserves at $55bn, strongest in 18 years

CBN Governor Olayemi Cardoso said the country's foreign reserves have risen to $55 billion, describing the external position as the strongest in 18 years. He spoke to journalists after the apex bank's 307th Monetary Policy Committee meeting in Abuja.

Cardoso attributed the growth to measures implemented by the CBN and pointed to the improved foreign exchange market as another major achievement.

He said the greater stability in the forex market was one of the developments he was most proud of since taking office.

"My proud moment, stability from a situation of great volatility to one where the market is stable. You can plan, you can project, the external position is not 5, 10 years, 15 years, it's 18 years better than it has been. This is a big deal, the numbers speak for themselves," he said.

MPR cut to 23%

The rate publication comes days after the CBN reduced its benchmark interest rate by 350 basis points to 23%, the largest cut to the Monetary Policy Rate in the bank's history.

Cardoso announced the decision on Tuesday, September 22, 2026, after a two-day sitting of the MPC in Abuja. At its 307th meeting, the committee voted to bring the MPR down from 26.50% to 23%.

The cut could lower borrowing costs across the Nigerian economy.

For businesses and households, the combination of a stronger reserve buffer and a stable official rate supports planning, though the CBN's own guidance is that its reference rates are not the same as the prices banks and bureau de change operators quote.