Naira gains N2.74 versus dollar as reserves hit $53.9bn, parallel rate steady
On Wednesday, September 2, 2026, the naira strengthened to N1,326.69 per dollar at the official foreign exchange market, up from N1,329.43 the previous day—a gain of N2.74. Nigeria's foreign reserves rose to $53.90 billion as of September 1, 2026, according to CBN data. Meanwhile, the parallel market rate held steady at N1,400 per dollar, unchanged from Tuesday.
The appreciation lowers the cost of imports and could ease pressure on inflation, benefiting businesses that rely on foreign inputs and consumers buying imported goods. However, the parallel market's stagnation means many Nigerians still face the higher rate, limiting the broader impact of the official gain. The move comes amid ongoing debates about fuel pricing and calls for regulators to check anti-competitive behavior in the petroleum sector.
The naira's gain on Wednesday follows Tuesday's appreciation, which marked the first day of September with a stronger currency. Rising foreign reserves, now at $53.90 billion, provide the backbone for the official market strength, while the parallel market's unchanged rate reflects ongoing supply constraints.
If you need to purchase dollars for school fees, travel, or imports, consider whether to act now while the official rate is stronger or wait to see if the naira continues to strengthen. Monitor both markets, as the parallel rate often determines real-world costs for most individuals and small businesses.