Naira gains against dollar at official and black markets on Sept 8, 2026
The naira appreciated against the US dollar at Nigeria's official foreign exchange market on Tuesday, September 8, 2026, closing at N1,320.25 per dollar—up N0.31 from Monday's N1,320.56. At the parallel market, the naira traded at N1,490 per dollar, a gain of N10 from the previous day's N1,400. The Central Bank of Nigeria reported foreign reserves rose to $54.21 billion as of September 7, supporting the currency's strength. Despite a reported N266 billion net outflow signaling confidence concerns, the naira's gain reflects improved foreign exchange inflows and a trade surplus of N12.6 trillion amid total trade of N41.44 trillion.
For importers and exporters, a stronger naira reduces the cost of dollar-denominated purchases, potentially lowering inflationary pressure on goods. Conversely, exporters may receive fewer naira for each dollar earned. Individuals planning foreign travel, school fees, or overseas investments should check both official and parallel rates before converting currency, as the gap between markets remains significant though narrowing. Analysts warn that sustained appreciation depends on continued reserve growth and policy stability.
Will you time your forex transactions to take advantage of the naira's current strength, or wait for potential volatility ahead?