Naira Gains 31 Kobo Against Dollar at Official Market

By Adedapo Adesanya

The Naira marginally appreciated against the United States Dollar by 31 Kobo or 0.02 per cent to sell at N1,320.25/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, September 8, 2026, compared with the previous day’s value of N1,320.56/$1.

The local currency, however, lost N1.69 against the Pound Sterling in the official market during the session to close at N1,789.86/£1 compared with the preceding session’s N1,788.17/£1, but gained 89 Kobo against the Euro to close at N1,534.52/€1 versus N1,535.41/€1.

At the GTBank forex counter, the Nigerian Naira traded flat against the US Dollar yesterday at N1,330/$1, and also remained unchanged at the parallel market at N1,375/$1.

Market analysts noted that the Naira is expected to be broadly stable in the near term, supported by an improvement in external reserves and relatively contained exchange-rate pressures

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.

Analysts at Coronation said they expect the NFEM rate to trade broadly within the N1,300–N1,350/$1 range, barring a material deterioration in global risk sentiment, a sharp decline in oil prices, or other adverse external shocks.

As for the cryptocurrency market, Bitcoin (BTC) rose by 0.5 per cent to $78,957.49, as investors remained focused on inflation data and the Federal Reserve’s Sept. 15-16 rate decision.

Further, Ripple (XRP) grew by 2.9 per cent to $2.97, Solana (SOL) gained 1.2 per cent to sell at $104.10, Ethereum (ETH) expanded by 0.9 per cent to $2,496.17, Cardano (ADA) improved by 0.7 per cent to $0.2188, Dogecoin (DOGE) increased by 0.6 per cent to $0.0900, TRON (TRX) soared by 0.4 per cent to $0.3385, and Binance Coin (BNB) jumped by 0.3 per cent to $751.46, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.