Naira Gains N0.86 Against Dollar at Official Market as FX Reserves Hit $54.91bn
By Aboki Forex —
The naira appreciated against the dollar at the official foreign exchange market on Tuesday, closing at N1,330.47 per dollar, up from N1,331.33 traded on Monday.
Data from the Central Bank of Nigeria showed the currency firmed up by N0.86 on a day-to-day basis, recovering part of the ground it lost at the start of the week. The naira had weakened on Monday to begin the week on a bearish note.
Parallel Market Holds Steady
The story was different at the black market. The naira stayed flat at N1,375 per dollar on Tuesday, the same rate it traded on Monday.
The gap between the official and parallel market rates now stands at about N44.53 per dollar, based on the two quotes.
The mixed sentiment across both markets came as Nigeria's foreign reserves surged further to $54.91 billion as of September 28, 2026.
Reserves Build Continues
The reserve figure is closely watched because it gives the CBN room to defend the currency and meet import and obligation demands. A rising buffer typically supports confidence in the naira and reduces pressure on the exchange rate.
Tuesday's official market move was modest, under one naira, but it ended a one-day slide. Traders will be watching whether the parallel market follows the official rate in the coming sessions, given that it has held firm at N1,375 for two straight days.
For importers and businesses pricing goods in dollars, a stable parallel rate keeps landed cost assumptions in place for now. For consumers, the near N45 spread between the two markets remains the main signal of where informal demand is heading.