Naira gains N0.22 to N1,326.30/$; black market steady at N1,390
The naira strengthened to N1,326.30 per dollar at the official foreign exchange market on Monday, September 14, 2026, up from N1,326.52 on Friday—a gain of N0.22. At the parallel market, the rate held steady at N1,390 per dollar, unchanged from the previous week’s close. The appreciation came as Nigeria’s external reserves rose to $54.49 billion on September 11, according to CBN data. The reserve level marks the highest since mid-2025, reflecting improved crude oil prices and reduced demand for foreign currency due to recent FX reforms.
For importers, travelers and businesses, the official rate improvement means slightly lower costs for dollar-denominated transactions, though the black market rate remains a benchmark for many informal deals. Analysts note that sustained appreciation could ease inflationary pressure on imported goods, benefiting households reliant on staples such as rice and wheat. The reserve increase, driven by higher oil earnings and portfolio inflows, supports the naira’s stability and may encourage further policy easing by the CBN.
Will you time your foreign purchases to take advantage of the official rate, or continue relying on the parallel market despite its higher cost? Consider checking both rates before converting large sums, and monitor CBN announcements for any policy shifts.