Naira firms to N1,326.69/$, foreign reserves climb to $53.90bn
By Aboki Forex —
The naira extended its appreciation against the dollar at the official foreign exchange market on Wednesday, September 2, 2026, as Nigeria's foreign reserves rose to $53.90 billion. Data from the Central Bank of Nigeria, CBN, showed the naira strengthened to N1,326.69 per dollar, compared with N1,329.43 traded the previous day.
Official market gains
On a day-to-day basis, the naira appreciated by N2.74 against the dollar at the official foreign exchange market. The gain continues the positive momentum seen earlier in the week, as the naira also appreciated on Tuesday to begin the month on a strong footing.
Parallel market steady
At the parallel market, the naira remained unchanged at N1,400 per dollar on Wednesday, the same rate recorded on Tuesday. This leaves a gap of about N73 per dollar between the official and parallel market rates, reflecting mixed sentiment across the foreign exchange markets.
Foreign reserves rise
The CBN data showed Nigeria's foreign reserves rose further to $53.90 billion as of September 1, 2026. The increase in reserves comes as the central bank continues to intervene in the official market to support the naira and smooth volatility.
What it means
The combination of a stronger naira and rising foreign reserves signals improving external buffers for Nigeria. For businesses and consumers, sustained appreciation at the official market could help reduce pressure on import costs and support more stable exchange rate expectations in the weeks ahead.