Naira appreciates to N1,347.63 at official market as reserves hit $52.66bn
By Aboki Forex —
The naira strengthened against the United States dollar at the official foreign exchange market on Thursday, reversing the previous day's decline. Central Bank of Nigeria data put the official rate at N1,347.63 per dollar, up from N1,350.41 on Wednesday.
This means the naira gained N2.78 against the dollar on a day-to-day basis.
Black market unchanged
At the parallel market, the naira remained flat at N1,405 per dollar on Thursday, the same rate exchanged the previous day. The stability at the black market comes despite the movement at the official window.
Reserves surge
The development follows a further rise in the country's foreign reserves, which stood at $52.66 billion as of August 19, 2026. The reserves figure is a key buffer for the naira and supports the central bank's ability to defend the currency.
On Wednesday, the naira had declined against the dollar at the official foreign exchange market before Thursday's rebound.
What it means
The modest official gain, alongside the flat black market rate, suggests cautious stability in the foreign exchange market. For Nigerian businesses and consumers, a steadier naira reduces uncertainty for importers and brokers who rely on the official window, though the gap between the official and parallel rates remains a concern.