Naira strengthens to N1,329.50/$ as FX turnover jumps 123% to $179.58m on Sept 30
Interbank foreign exchange turnover surged 123% to $179.58 million on September 30, 2026, while the naira strengthened to N1,329.50 per dollar at the Nigerian Foreign Exchange Market, up from N1,331/$ the previous trading day. The Central Bank of Nigeria reported the naira traded between N1,328/$ and N1,331.75/$ during the session, with a weighted average rate of N1,329.16/$ from 126 deals (up from 94 deals worth $80.58 million on September 29).
This rebound comes amid stronger external reserves, which have crossed $55 billion—the highest level in over 18 years—and the CBN’s recent monetary policy easing. The apex bank cut its benchmark interest rate by 350 basis points to 23% from 26.5%, while recalibrating the asymmetric corridor around the MPR to +50/-300 basis points. Reserve requirements were held steady at 45% for deposit money banks and 16% for merchant banks.
While a stronger naira may lower import costs for businesses and consumers, exporters could face headwinds from reduced dollar earnings. The reserve buildup—growing by $9.29 billion in the first nine months of 2026 (seven times the 2025 increase)—suggests improving external buffers. Will this renewed stability translate to tangible relief for household budgets and business planning, or should Nigerians remain cautious given past FX volatility swings?