Naira strengthens to N1,337/$ as forex turnover drops 48.7% week-on-week

The naira strengthened to N1,337 per dollar at the Nigerian Foreign Exchange Market on Friday, August 28, 2026, extending its weekly gain after closing at N1,349.99/$ on Monday, August 24—a 0.96% appreciation. Weekly foreign exchange turnover plunged 48.7% to $2.71 billion from $5.28 billion the prior week, according to Central Bank of Nigeria data. NAFEM turnover was concentrated on August 26 and 27, with about $913.76 million and $1.06 billion traded respectively; the market was closed Tuesday for a public holiday. In the parallel market, the naira bought N1,403/$ on Friday, up from N1,407/$ the previous day.

Nigeria's foreign exchange reserves crossed the $53 billion mark for the first time in over 17 years, reaching $53.11 billion as of August 24, providing the CBN stronger external liquidity. Governor Olayemi Cardoso said the bank's FX interventions now account for only 1.2% to 1.3% of turnover, crediting recent reforms—the FX Code, electronic trading platform, and updated foreign exchange manual—for the improved market structure. Oil prices also fell, with Brent crude settling at $89.31 a barrel and WTI at $83.40.

With reserves above $53bn and the naira gaining, will you consider holding more foreign currency or adjust your import pricing to reflect the stronger local currency?

SOURCE: https://nairametrics.com/2026/08/29/naira-strengthens-to-n1337-as-fx-turnover-plunges-49/