Naira appreciates to N1,360.14/$ at official market, up N5.55 from Friday
The naira strengthened to N1,360.14 per dollar at the official foreign exchange market on Monday, August 10, 2026, up from N1,365.69 traded on Friday last week—a gain of N5.55. At the black market, the naira remained flat at N1,430 per dollar, unchanged from the previous week's close. The Central Bank of Nigeria reported foreign reserves at $52.06 billion as of August 7, 2026. This appreciation follows a negative week-end performance when the naira dropped across FX markets.
The stronger naira lowers import costs, potentially easing inflationary pressures and increasing purchasing power for consumers. Businesses reliant on imported goods may see reduced expenses, while exporters could face lower naira revenue from dollar sales. The unchanged black market rate suggests parallel market pressure persists despite official market gains.
Importers might consider timing purchases to benefit from the stronger rate, exporters may review pricing strategies, and travelers get more dollars per naira. Will you adjust your import/exporter plans or hold off on foreign currency purchases given this shift?