The naira weakened by N11.10 against the US dollar in the interbank foreign exchange market on Wednesday, September 9, 2026, closing at N1,334/$ compared with N1,322.90/$ recorded on Tuesday.

The latest exchange rate data, analysed from figures published on the Central Bank of Nigeria (CBN) website, showed a 0.84 per cent depreciation of the naira.

The decline reversed some of the currency’s recent gains in the Nigerian Foreign Exchange Market (NFEM).

Despite the weaker exchange rate, interbank foreign exchange turnover increased significantly during the session, rising to $94.43 million from $55.60 million recorded on Tuesday.

Interbank FX turnover rises 70%

The latest figure represents an increase of $38.82 million, or 69.82 per cent, in interbank foreign exchange transactions.

The market recorded 86 interbank deals on Wednesday, compared with 58 transactions recorded in the previous session.

This represents an increase of 28 deals, or 48.28 per cent.

However, the increase in transaction activity did not translate into a stronger naira, as the currency closed weaker against the dollar.

Naira trades between N1,321.50 and N1,334/$

During Wednesday’s trading session, the naira traded between a high of N1,334/$ and a low of N1,321.50/$.

The weighted average exchange rate stood at N1,329.21/$, while the simple average was N1,329.44/$.

As of the time of filing the report, the CBN had not published Wednesday’s NFEM deals and total turnover, while the reported $94.43 million represented interbank transactions.

On Tuesday, the naira closed at N1,322.90/$ after trading between N1,318/$ and N1,323/$.

The session recorded 248 deals, including 58 interbank transactions, while total NFEM turnover stood at $933.78 million.

Naira remains stronger than August level

Wednesday’s depreciation came after the naira strengthened to N1,322.50/$ on September 4 and N1,320/$ on September 7 before weakening to N1,322.90/$ on September 8.

The currency had generally appreciated since late August, moving from N1,349.99/$ on August 24 to N1,320/$ on September 7.

At N1,334/$, the naira is now N14 weaker than its September 7 closing rate, representing a depreciation of about 1.06 per cent over the two trading sessions.

However, the currency remains stronger than its August 24 level by about N15.99/$, equivalent to an appreciation of roughly 1.18 per cent.

External reserves, oil output support Nigeria’s FX position

Nigeria’s external position has continued to receive support from foreign exchange inflows and improved oil earnings.

Nigeria’s external reserves reportedly crossed the $54 billion mark for the first time since December 2008, reaching $54.08 billion as of September 3, 2026.

Operational data from the Nigerian National Petroleum Company (NNPC) also showed relatively strong crude oil and condensate production during the second quarter.

Production averaged 1.68 million barrels per day in April, 1.73 million barrels per day in May and 1.72 million barrels per day in June, while July production stood at 1.68 million barrels per day.

Global dollar movement adds pressure

Developments in international financial markets could also influence Nigeria’s domestic foreign exchange conditions.

The dollar index was around 98.81 after moving away from a three-week low, while the euro and pound traded at approximately $1.1633 and $1.3547 respectively.

The yen’s recent gains also eased as investors looked ahead to the Bank of Japan’s monetary policy decision.

For Nigeria, developments in global currency markets remain an important factor in assessing domestic foreign exchange conditions.

Nigeria’s FX demand remains elevated

Nigeria’s total foreign exchange utilisation stood at $50.93 billion in 2025, representing the highest annual level since 2019.

Quarterly utilisation stood at $12.71 billion in the first quarter of 2025 and increased to $13.13 billion in the second quarter.

It later moderated to $12.01 billion in the third quarter before rising again to $13.08 billion in the fourth quarter.

The latest movement comes amid continued adjustments in Nigeria’s foreign exchange market, with the naira recording gains and losses as demand, liquidity and global currency conditions influence trading.

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The naira maintained relative stability on Tuesday as improved liquidity in the Nigerian Foreign Exchange Market (NFEM) kept the official rate stronger than prices quoted in the parallel market.

Data from the NFEM showed that the volume-weighted closing rate settled at ₦1,448.03 per US dollar on November 18, 2025—approximately ₦5.60 or 0.39% stronger than the previous day.

Meanwhile, black-market trackers quoted the dollar between ₦1,455 and ₦1,460, keeping the spread at roughly ₦7–₦12 above the official market price. Bureau de change operators say cash demand continues to push retail USD prices above the formal window.

Understanding the Rate Movements

The NFEM—also listed as NAFEM or the I&E window—remains the primary benchmark for institutional, interbank and corporate FX flows. By contrast, the parallel market reflects on-the-spot cash demand and supply conditions.

Analysts attribute the recent stability to better FX inflows, reduced volatility, and improved liquidity following the Central Bank of Nigeria’s interest-rate cut earlier in September. Softer inflation pressures and targeted CBN interventions have also helped ease the sharp swings that dominated trading over the past year.

Impact on Businesses and Consumers

Corporate importers and firms with foreign-currency exposure continue to favour the NFEM window, where rates are more predictable and typically lower.
However, SMEs, travellers, and individuals needing immediate physical dollars still face higher cash prices in the parallel market.

Remittance beneficiaries are also seeing varied outcomes depending on whether funds are received through formal banks or informal currency exchanges.

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The naira remained stable on Wednesday, November 5, 2025, with the U.S. dollar trading between ₦1,430 and ₦1,445 at the official Nigerian Foreign Exchange Market (NFEM).

At the parallel (black) market, traders bought the dollar at around ₦1,435 and sold between ₦1,450 and ₦1,459, showing only a slight difference from official rates.

Market analysts attributed the stability to improved liquidity, steady inflows from foreign investors and exporters, and sustained intervention by the Central Bank of Nigeria (CBN).

They also linked the calm market to recent monetary policy adjustments, including the September interest rate cut, which helped ease inflationary pressure and boost investor confidence.

According to currency dealers, dollar supply has improved compared to previous weeks, while demand has become more predictable.

“There’s more balance now. People are not hoarding dollars as much as before,” one trader said.

Economists noted that the CBN’s efforts to clear foreign exchange backlogs have strengthened transparency and restored confidence in the market.

However, they warned that external factors — such as declining oil revenues, global inflation, and potential capital outflows — could still pose risks to the naira in the months ahead.

They urged the federal government to sustain fiscal discipline, promote non-oil exports, and boost local production to reduce pressure on the currency and support long-term stability.

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