The naira on Monday appreciated slightly against the dollar in the official foreign exchange (FX) market as gross external reserves surpassed the $54 billion mark on improved external liquidity.
Data published by the Central Bank of Nigeria (CBN) showed that the naira strengthened marginally by 66 kobo, with the dollar quoted at N1,320.56 on Monday, compared with N1,321.22 quoted on Friday at the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, also known as the black market, the local currency closed at N1,390 on Monday, gaining 0.71% from the N1,400 quoted last week. The gap between the official and parallel market rates narrowed to 5.3% on Monday from 6.46% last week.
Nigeria’s gross external reserves have climbed to an 18-year high of $54.13 billion as of September 4, 2026. This represents a 30.31% increase from the $41.54 billion recorded in the corresponding period of 2025, according to data published on the CBN website.
A weekly market report by Coronation Merchant Bank said the naira appreciated by 0.97% week-on-week at the NFEM, closing at N1,322.50/$1 on Friday, September 4, compared with N1,335.50/$1 at the start of the week.
