Naira breaks N1,330/$ barrier, hits strongest level in two years

The naira strengthened to N1,329/$ on Tuesday, September 1, 2026, breaking below the N1,330/$ mark for the first time since 2024

The currency appreciated by N6.50, or 0.49%, from N1,335.50/$ recorded on Monday, according to data from the Central Bank of Nigeria (CBN).

Checks of the Nairametrics database show that Tuesday’s closing rate is the strongest level recorded by the naira since May 29, 2024 when it closed at 1,329.65/$.

What the data is saying

The latest appreciation extends a sharp recovery recorded in the second half of August.

• The naira closed at N1,358.25/$ on August 14, before strengthening to N1,349.99/$ on August 24, N1,343/$ on August 26 and N1,337/$ on August 28.
• The currency then gained further ground at the start of September, closing at N1,335.50/$ on August 31 before reaching N1,329/$ the following day.
• From August 14 to September 1, the naira gained N29.25/$, representing an appreciation of about 2.15%.
• The move also marks a significant improvement from the levels recorded earlier in August, when the currency traded above N1,360/$.

On September 1, the naira traded within a relatively narrow range of N1,327 to N1,335.50/$, while the weighted average rate stood at N1,329.43/$.

Interbank turnover was $139.45 million, based on the CBN data.

Get up to speed

The naira’s stronger performance comes as Nigeria’s external reserves have continued to build.

• Nigeria’s external reserves rose to $53.8 billion on August 31, representing an increase of over $8 billion from $45.57 billion at the beginning of 2026.
• Nairametrics earlier reported that Nigeria’s foreign exchange reserves have risen above $53 billion for the first time in more than 17 years, reaching $53.11 billion as of August 24, 2026.
• The latest position has now surpassed the CBN’s projected reserve level of approximately $51.04 billion for the whole of 2026.

The stronger reserve position provides a larger foreign-currency buffer for the CBN and could help improve confidence in the country’s external position.

The recent naira appreciation has also followed a period of increased stability in the foreign exchange market, with the currency moving progressively lower from the N1,350/$ range in late August.

What you should know

Earlier, Nairametrics reported that the naira recorded its first April appreciation under the NAFEX era since 2024.

The recent gains have strengthened Nigeria’s foreign exchange buffer and provide a larger cushion against external shocks, while supporting the country’s capacity to meet international obligations.

In July, the Monetary Policy Committee retained the Monetary Policy Rate at 26.5% at its 306th meeting held in Abuja on July 20 and 21, 2026.

Nairametrics reported earlier that traders have said the CBN had maintained restrictions on Bureau De Change (BDC) operators’ access to the official foreign exchange market, citing concerns over control and past abuses.