The naira has maintained a remarkably narrow trading range against the US dollar for four consecutive sessions, marking its longest stretch of relative exchange-rate stability since July 2025.
Data from the Nigerian Foreign Exchange Market (NFEM), published by the Central Bank of Nigeria (CBN), showed that the local currency closed at N1,329.50/$ on Tuesday, September 15, compared with N1,329/$ on September 14, N1,328.50/$ on September 11 and N1,328/$ on September 10.
The movement across the four sessions amounted to just N1.50 per dollar, despite variations in trading activity and intraday rates.
The naira initially strengthened slightly from N1,328/$ on September 10 to N1,328.50/$ on September 11 before weakening marginally to N1,329/$ on September 14 and N1,329.50/$ the following day.
Trading volumes were relatively active during the first three sessions, with NFEM turnover recorded at N1.45 billion on September 10, $458.99 million on September 11 and $423.95 million on September 14.
On September 15, interbank turnover stood at $262.12 million, while the naira traded within a relatively tight intraday band of N1,326.50/$ to N1,333/$.
The current four-session stability is the first of its kind since July 17–22, 2025, when the naira closed at N1,536/$, N1,535/$, N1,535/$ and N1,536/$ over four consecutive sessions.
Reserves rise above $54bn
The exchange-rate stability comes against a backdrop of stronger external reserves, which have now risen above $54 billion.
The increase has placed Nigeria’s reserves above the CBN’s projected level of about $51.04 billion for the full year 2026.
The development also coincides with a continued tight monetary policy stance by the CBN. The Monetary Policy Committee retained the Monetary Policy Rate at 26.5% at its 306th meeting held on July 20 and 21, 2026.
Meanwhile, Nigeria’s headline inflation eased marginally to 15.39% in August from 15.43% in July, extending the country’s disinflation trend for a third consecutive month.
Food inflation also moderated to 19.57% year-on-year in August, while the average inflation rate for the 12 months to August fell to 16.30%, compared with 28.32% a year earlier.
The recent stability in the domestic currency is occurring despite renewed strength in the US dollar ahead of the US Federal Reserve’s September 16 policy decision, with higher US Treasury yields supporting the dollar against several major currencies.
