Naira strengthens to N1,337/$ as FX turnover plunges 49%
The naira strengthened to N1,337/$ at the Nigerian Foreign Exchange Market on Friday, extending its recent gains as weekly foreign exchange turnover fell sharply to $2.71 billion. The post Naira strengthens to N1,337/$ as FX turnover plunges 49% appeared first on Nairametrics .
The Nigerian currency, the naira, strengthened to N1,337/$ on Friday at the Foreign Exchange Market, marking a 0.96% increase over the previous week. Weekly foreign exchange turnover declined significantly, dropping to $2.71 billion, a 49% decrease from $5.28 billion recorded the previous week. This data was obtained from the Central Bank of Nigeria's website on Friday.
The naira opened the week at N1,349.99/$ on August 24 and climbed to N1,343/$ on August 26 and N1,336/$ on August 27. On the parallel market, the naira appreciated to N1,403/$ on Friday, up from N1,407/$ on Thursday. This sharp appreciation comes as Nigeria's foreign exchange reserves hit $53.11 billion for the first time in over 17 years, as of August 24, 2026.
Brent crude oil prices fell more than 5%, and WTI declined by more than 4% during the week. CBN Governor Olayemi Cardoso denied allegations of aggressive intervention in the forex market, stating that the bank's interventions now account for only 1.2% to 1.3% of total FX turnover. He attributed the improved forex market structure to recent reforms, such as the FX Code, electronic trading platform, and the revised foreign exchange manual.
The governor also indicated that Nigeria has established sufficient economic reserves to endure inflationary pressures stemming from the ongoing conflict in the Middle East.
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