Naira Exchanges at N1,315 Per Dollar as Strong Performance Continues

By Adedapo Adesanya

The Naira gained N11.02 or 0.83 per cent on the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, September 3, 2026, closing at N1,315.67/$1 compared with the previous day’s rate of N1,326.69/$1.

It also improved its exchange rate against the Pound Sterling in the official market yesterday by N12.50 to close at N1,778.66/£1 versus Wednesday’s value of N1,791.16/£1, and against the Euro, it appreciated by N8.84 to sell for N1,529.59/€1, in contrast to midweek’s N1,538.43/€1.

The Naira also chalked up N3 against the United States Dollar at the GTBank FX counter to trade at N1,335/$1 compared with the preceding session’s N1,338/$1, and at the parallel market, it traded flat at N1,375/$1.

The Naira has strengthened significantly this year, reversing some of the sharp losses recorded following the foreign exchange reforms introduced under President Bola Tinubu.

The currency’s improved performance has been supported by increased foreign-exchange liquidity, tighter monetary policy and measures by the Central Bank of Nigeria (CBN) aimed at improving the functioning of the FX market.

The development represents a significant turnaround for the currency, which suffered heavy depreciation in 2023 and 2024 following the removal of the naira’s long-standing exchange-rate controls.

Also supporting this are Nigeria’s external reserves, at $53.9 billion, the highest level in 18 years, which could support the Naira against future economic uncertainties and potential election-related shocks.

This could ease pressure on import costs and inflation, while also improving confidence in Nigeria’s broader economic reform programme.

As for the cryptocurrency market, prices were up as traders lowered the odds of a Federal Reserve rate increase this month, boosting demand for risk assets.

US spot bitcoin exchange-traded funds recorded about $277 million in provisional inflows Thursday, but sustained buying will be needed to confirm institutional demand.

The market will also weigh US job reports due on Friday, which could determine expectations on bond yields and risk assets across the board.

Cardano (ADA) rose by 7.5 per cent to $0.2208, Ripple (XRP) improved by 5.8 per cent to $1.44, Dogecoin (DOGE) appreciated by 4.6 per cent to $0.0867, Ethereum (ETH) soared by 4.2 per cent to $2,505.48, and Bitcoin (BTC) surged by 3.8 per cent to $80,695.67.

Further, Binance Coin (BNB) expanded by 3.6 per cent to $721.17, Solana (SOL) advanced by 2.7 per cent to $103.53, and TRON (TRX) grew by 0.6 per cent to $0.3282, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.