Naira Trades N1,329/$1 at Official Market, N1,375/$1 at Black Market

By Adedapo Adesanya

The Nigerian Naira improved against the United States Dollar in the different segments of the foreign exchange (FX) market on Tuesday, September 1, 2026, according to data obtained by Business Post.

In the black market window, the Naira gained N5 against the greenback yesterday to sell for N1,375/$1 compared with the previous day’s value of N1,380/$1, and at the GTBank forex desk, it chalked up N3 to close at N1,343/$1, in contrast to Monday’s rate of N1,346/$1.

Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), it appreciated against the US Dollar by N3.51 or 0.26 per cent to trade at N1,329.43/$1 versus the preceding session’s N1,332.94/$1.

Equally, the local currency gained N5.42 against the Pound Sterling in the official market during the session to trade at N1,800.18/£1 versus N1,805.06/£1, and firmed up by N3.80 against the Euro to close at N1,542.01/€1 versus N1,545.81/€1.

The latest strengthening of the Naira comes amid an improvement in Nigeria’s external reserves, which crossed the $53 billion mark during the week, reaching $53.11 billion as of August 24, the highest level in more than 17 years.

Higher foreign reserves provide the country with stronger external liquidity and could improve confidence in Nigeria’s ability to meet its foreign exchange obligations.

Total FX turnover on Tuesday rose by 30.8 per cent to $139.45 million from $106.64 million, according to data released by the Central Bank of Nigeria (CBN), as the deal count climbed to 139 from 118 the previous day.

Wider reforms are also helping to spur the outlook, with market analysts noting that improvements in the FX market, including the FX Code, electronic trading platforms and a revised foreign exchange manual, are providing long-term support.

Meanwhile, the cryptocurrency market was down due to surging oil prices and rising government bond yields as fiscal concerns pushed the US 10-year Treasury yield to its highest level since 2023.

Also, a rebound in the US Dollar Index challenged cryptocurrencies, which have historically moved inversely to the American currency.

Solana (SOL) shed 3.9 per cent to sell at $99.84, Ripple (XRP) dropped 2.9 per cent to close at $1.34, TRON (TRX) depreciated by 2.7 per cent to $0.3226, Ethereum (ETH) crashed by 2.3 per cent to $2,417.39, and Cardano (ADA) dipped by 2.1 per cent to $0.1973.

Further, Dogecoin (DOGE) weakened by 2.3 per cent to $0.0818, Bitcoin (BTC) shrank by 1.8 per cent to $77,476.17, and Binance Coin (BNB) moderated by 0.6 per cent to $686.93, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.