Naira Gains N3.78 in Sept., Foreign Reserves Rise $1.11bn
The Nigerian naira gained N3.7796 in September 2026, with the official exchange rate closing at N1,329.1600 per US dollar from N1,332.9396 at the end of August.
Data from the Apex Bank showed that the official rate fluctuated moderately in the absence of significant import settlements; the advantage derives from the country’s local refining capacity.
The local unit fluctuated against the greenback throughout last month; its direction reflected the forces of local demand for foreign payments and aggregate FX supplied by foreign portfolio investors, exporters/importers flow, non-bank corporate and other individual sources.
Occasionally, the Central Bank of Nigeria (CBN) intervened to maintain sufficient liquidity and strengthen the local currency’s position against the dominant currency, the US dollar.
Broadstreet analysts projected official rate to close the year at N1300 to the US dollar due to strong net external reserves following strong hard currency inflows.
The market experienced a stable exchange rate despite intermittent FX intervention by the Apex Bank. The spot rate at the official market reached an intra-month high of N1,331.3292, indicating moderate volatility, which explained lower FX sales by Apex Bank.
Gross external reserves peaked at $54.920 billion as of Sept 29, with analysts projecting a year-end position between $57 billion and $58 billion if the pace of FX inflows is sustained.
In Sept, foreign reserves increased by $1.114 billion to $54.920 billion, up from $53.806 billion at the end of August, 2026. With the sustained increase in gross external reserves, analysts anticipate a stable exchange rate will persist in Nigeria in 2026.
However, the market anticipated an increase in demand for the US dollar, which usually precedes election years, and could shift the naira exchange rate. #Naira Gains N3.78 in Sept., Foreign Reserves Rise $1.11bn Nigerian Treasury Bills Yields Decline as Rates Hit 2026 Low

