Naira Gains 66 Kobo to Trade at N1,320/$1 at Official Market

By Adedapo Adesanya

The Naira appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, September 7, 2026, by 66 Kobo or 0.05 per cent to close at N1,320.56/$1 compared with last Friday’s rate of N1,321.22/$1.

However, the value of the local currency depleted against the Pound Sterling in the official market by N2.15 to trade at N1,788.17/£1 compared with the preceding session’s N1,786.02/£1, and against the Euro, it lost 55 Kobo to quote at N1,535.41/€1 versus N1,534.86/€1.

At the GTBank FX counter, the Nigerian Naira gained N2 against the greenback yesterday to settle at N1,330/$1, in contrast to the previous trading day’s N1,332/$1, and at the black market, it traded flat at N1,375/$1.

Turnover in the official market for the period through September 3 declined to approximately $2.14 billion, from $3.071 billion in the preceding week, representing a 30.3 per cent week-on-week decline.

Market analysts noted that the recent Naira strength appears to have occurred alongside lower trading activity rather than a broad-based increase in market turnover.

Gross FX reserves increased to $54.08 billion as of September 3, marking the first time since December 2008 that they have exceeded $54 billion. The reserves have risen by approximately $8.6 billion since the beginning of the year, providing a stronger external buffer and supporting confidence in the CBN’s capacity to manage FX pressures.

“This week, we expect naira to remain stable against major currencies as we anticipate continuous FX inflows from FPIs and oil receipts,” analysts at Guaranty Trust Fund Managers said.

In the cryptocurrency market, Bitcoin (BTC) traded just below $78,800 on Tuesday as most major cryptocurrencies declined. It fell by 1.5 per cent to $78,628.79.

Market analysts noted that rising Treasury yields and stronger-than-expected August payrolls pushed the market-implied probability of a quarter-point Federal Reserve rate increase next week to about 60 per cent.

Also, inflation reports due on Thursday and Friday could raise rate-increase expectations and affect riskier assets like cryptos.

Solana (SOL) shrank by 2.2 per cent to $103.12, Ripple (XRP) slipped by 1.6 per cent to $1.39, Ethereum (ETH) declined by 1.4 per cent to $2,475.03, Cardano (ADA) decreased by 1.3 per cent to $0.2180, Dogecoin (DOGE) dropped 1.2 per cent to sell at $0.0898, and TRON (TRX) went down by 0.1 per cent to $0.3368.

But Binance Coin (BNB) improved by 0.4 per cent to $752.71, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.