The naira has shown significant improvement against the dollar, achieving its highest appreciation so far this September. On Thursday, September 3, 2026, the official exchange rate for the naira was reported at N1,315.67 per dollar, an increase from N1,326.69 the previous day. This marks a daily strengthening of N11 against the dollar, as per data from the Central Bank of Nigeria.

Despite the naira's gains in the official market, the black market exchange rate remained stable at N1,400 per dollar, unchanged from the previous day. This stability in the parallel market contrasts with the positive trend observed in the official foreign exchange market.

The recent appreciation of the naira is further supported by a rise in the country’s foreign reserves, which have reached $53.99 billion as of September 2, 2026. This increase in reserves is a positive indicator for the Nigerian economy and may contribute to the naira's strengthened position.

Earlier in the week, the naira had already begun to show signs of recovery, gaining against the dollar on September 1 and 2. The continuous appreciation reflects ongoing efforts by the Central Bank to stabilize the currency and manage the foreign exchange market effectively.

As the month progresses, market analysts will be closely monitoring the exchange rates to see if this trend can be sustained, especially in light of fluctuating global economic conditions and domestic monetary policies.