Naira gains N0.66 against dollar, trades at N1,320.56 in official market
The naira appreciated to N1,320.56 per dollar at the official foreign exchange market on Monday, September 7, 2026, up from N1,321.22 recorded on Friday, September 4—a gain of N0.66. At the black market, the rate remained unchanged at N1,400 per dollar. The Central Bank of Nigeria also reported that foreign reserves rose to $54.13 billion on Friday. This comes after the naira depreciated on Friday, ending a four‑day streak of appreciation.
The official gain signals tighter CBN management of the forex market and stronger reserve buffers, which can help stabilize import costs and inflation pressures. However, the unchanged black market rate suggests parallel market pressures persist, affecting businesses and individuals who rely on unofficial rates for trade, remittances, or personal forex needs.
For importers, exporters, and anyone with foreign currency obligations, the official rate improvement may reduce immediate costs, but the steady black market price means caution is still warranted. Monitor both rates when planning forex transactions, consider timing purchases if you need dollars, and watch for further CBN policy moves or reserve updates that could influence the naira’s direction.
Will you adjust your forex plans based on the official gain, or wait to see if the black market follows suit?