Naira extends appreciation into September, official rate hits N1,332.94/$

The naira appreciated further against the dollar at the official foreign exchange market on Monday, closing August on a strong note as it heads into September 2026. Central Bank of Nigeria (CBN) data showed the currency strengthened to N1,332.94 per dollar, up from N1,337.29 traded on Friday last week.

Official market gains N4.35

Monday's rate represents a gain of N4.35 against the dollar for the naira. This extends the positive momentum recorded in the previous week, when the naira appreciated across foreign exchange markets to end the week on a bright note.

The official rate has now moved firmly below the N1,335 level, signalling continued demand for the local currency at the investors' and exporters' window.

Black market unchanged at N1,400/$

At the parallel market, the naira held steady at N1,400 per dollar on Monday, the same rate recorded over the weekend. The gap between the official and black market rates remains relatively narrow, pointing to reduced arbitrage pressure.

Foreign reserves climb to $53.51bn

The appreciation comes as Nigeria's foreign reserves continue to surge. Data from the apex bank put reserves at $53.51 billion as of August 28, up from previous levels. The sustained build-up in reserves provides support for the naira and gives the CBN more room to defend the currency.

For Nigerian businesses and importers, the steady naira strength at the official market means lower currency risk on transactions and a more predictable exchange rate environment. Consumers may also feel some relief if the trend continues, as imported goods become cheaper in naira terms over time.