The naira strengthened further against the US dollar at the Nigerian Foreign Exchange Market (NFEM), closing at N1,337/$ on Friday, August 28, 2026.
The latest appreciation represents a 0.96% gain from the N1,349.99/$ recorded at the previous trading session on August 24, according to data from the Central Bank of Nigeria (CBN).
The development came as foreign exchange turnover in the official market declined sharply during the week.
NFEM turnover fell by 48.7% week-on-week to $2.71 billion, compared with about $5.28 billion recorded between August 17 and 21.
Trading opened on August 24 at N1,349.99/$ before the naira strengthened to N1,343/$ on August 26 and N1,336/$ on August 27.
The currency subsequently closed Friday at N1,337/$, trading within a range of N1,335/$ and N1,350/$ during the week.
The bulk of the week’s transactions occurred on August 26 and 27, with turnover of approximately $913.76 million and $1.06 billion respectively. Turnover on August 24 stood at $731.18 million, while the market was closed on August 25 for a public holiday.
In the parallel market, the naira also recorded a marginal improvement, appreciating to N1,403/$ on Friday from N1,407/$ the previous day.
Reserves strengthen
The naira’s latest gains coincided with further growth in Nigeria’s external reserves, which crossed the $53 billion mark during the week.
The reserves reached $53.11 billion as of August 24, 2026, their highest level in more than 17 years, strengthening the country’s external liquidity position and potentially improving market confidence.
The appreciation also came despite a decline in international oil prices. Brent crude settled at $89.31 per barrel on Friday, down 0.43%, while West Texas Intermediate fell 0.16% to $83.40 per barrel.
For the week, Brent declined by more than 5%, while WTI dropped by over 4%.
Meanwhile, CBN Governor Olayemi Cardoso has dismissed suggestions that the apex bank is relying heavily on foreign exchange intervention to support the naira.
Cardoso said the CBN’s interventions currently account for only about 1.2% to 1.3% of total FX turnover, attributing improvements in the market to reforms including the FX Code, electronic trading platform and revised foreign exchange manual.

