# Nigeria Naira exchange rate dynamics > Live situation record from CLSTR: https://clstr.news/situations/nigeria-naira-exchange-rate-dynamics > Updated: 2026-09-03T08:44:31.000Z. Sources: 37. Developments: 14. By early September 2026, the naira showed signs of strengthening in the official Nigerian Foreign Exchange Market (NFEM), reaching approximately ₦1,329 per US dollar. This represents its strongest level against the dollar since May 2024, supported by improved liquidity and an increase in Nigeria’s gross external reserves, which rose to roughly $53.8 billion by the end of August. This upward momentum is bolstered by significant formal remittance inflows; the Central Bank of Nigeria reported that monthly remittances through international money transfer operators reached nearly $1 billion in July. Furthermore, elevated oil prices have led to projections that external reserves could reach record levels, potentially exceeding $54 billion. Despite these official gains, a significant disparity persists between the regulated and informal sectors. In the parallel market, the dollar continues to trade at higher prices, with rates reported between ₦1,395 and ₦1,415 per dollar. Trading activity in the NFEM also experienced a notable surge. Total turnover in August rose to $14.45 billion, up from $12.69 billion in July, accompanied by higher interbank trading volumes. While interbank US dollar turnover has recently moderated, some analysts project the exchange rate could reach ₦1,300 in 2026 due to the ongoing rally. This aligns with previous long-term projections from MDU Capital Limited, which suggested the naira could strengthen to below ₦1,000 per dollar within a year based on a fair value estimate of ₦984.7. On September 3, 2026, Nigeria’s external reserves reached $54.08 billion, marking an 18-year high. This accumulation, representing a growth of approximately $8.51 billion since the start of the year, has been driven by increased foreign exchange inflows and improved oil production. The strengthening of these financial buffers has coincided with the naira's appreciation in the NFEM, though the parallel market remains higher, with the US dollar trading around ₦1,400 to ₦1,410. ## Claims - Nigeria's external reserves fell by about $120 million over five days to $51.92 billion as of July 29, 2026. (disputed) - Nigeria's external reserves have reached approximately 52.2 billion US dollars. (disputed) - Nigeria's gross external reserves increased to $53.310 billion. (disputed) - The parallel (black‑market) rate was between ₦1,409 and ₦1,420 per US dollar on July 31, 2026. (corroborated by 5 sources) - The official NFEM exchange rate was around ₦1,379 per US dollar on July 31, 2026. (corroborated by 3 sources) - The spread between official and parallel rates was about ₦30‑₦40 per dollar. (corroborated by 3 sources) - The Central Bank of Nigeria intervened to improve liquidity, contributing to naira stability. (corroborated by 3 sources) - On July 30, 2026 the official rate was N1,366.73 per dollar, showing slight depreciation. (single source) - Interbank foreign‑exchange turnover declined 4.28 % to $58.42 million on July 29, 2026. (single source) - On July 30, 2026 the parallel market buying rate was N1,405 per dollar and the selling rate N1,410. (single source) - The naira closed at 1,353 per US dollar on August 19, 2026, according to FMDQ Security Exchange data. (single source) - Parallel market rates for the US dollar were reported at a selling rate of 1,415 naira and a buying rate of 1,405 naira. (single source) ## Timeline ### 2026-09-03: Nigeria external reserves reach 18-year high of $54 billion Nigeria’s external reserves hit an 18-year high of $54.08 billion in September 2026, supporting a rally in the naira and improved foreign exchange liquidity. 11 sources. https://clstr.news/cluster/nigerian-naira-strengthens-to-n1329-per-us-dollar ### 2026-09-01: Naira strengthens in official market to N1,329 per dollar The Nigerian naira strengthened to approximately N1,329 per dollar in the official market, its highest level since May 2024, though parallel market rates remain higher between N1,400 and N1,415. 14 sources. https://clstr.news/cluster/nigerian-naira-exchange-rates-show-gap-between-official-and-parallel-markets ### 2026-08-29: Nigeria: Naira appreciates as foreign reserves hit $53.31 billion The Nigerian Naira is appreciating at official markets as foreign reserves reach $53.31 billion. Analysts project potential strengthening below N1,000/$ while the government continues heavy bond issuance. 5 sources. https://clstr.news/cluster/nigeria-naira-appreciates-as-foreign-reserves-hit-5331-billion ### 2026-08-26: Nigeria external reserves reach $53.11 billion, a 17-year high Nigeria’s external reserves have climbed to $53.11 billion, a 17-year high, driven by oil earnings and dollar inflows, providing a buffer for the naira amid ongoing market reforms. 14 sources. https://clstr.news/cluster/naira-exchange-rates-show-stability-amid-global-market-monitoring ### 2026-08-24: Naira maintains stability amid record $5.06 billion weekly FX turnover The Nigerian naira remains relatively stable against the US dollar near N1,346 at official rates and N1,400 in parallel markets, amid record weekly FX turnover of $5.06 billion. 9 sources. https://clstr.news/cluster/naira-shows-stability-as-nigerias-foreign-reserves-rise ### 2026-08-19: Nigerian Naira shows volatility amid shifting FX demand and liquidity The Nigerian naira shows signs of stability and periodic appreciation against the US dollar, supported by declining FX demand and rising external reserves, despite ongoing volatility in parallel markets. 11 sources. https://clstr.news/cluster/naira-shows-stability-against-us-dollar-and-british-pound ### 2026-08-15: Nigerian Naira black market rate climbs to ₦1,428 per dollar The Nigerian naira's black market selling rate rose to approximately ₦1,428 per US dollar on August 15, 2026, amid steady demand for foreign currency. 5 sources. https://clstr.news/cluster/nigerian-naira-parallel-market-rate-climbs-to-1428-per-dollar ### 2026-08-08: Nigeria's Naira Weakens Further Against US Dollar Nigeria's naira fell to N1,365.69 per USD in the official market and stayed at N1,430 in the black market, with reserves at $52.03 bn. 5 sources. https://clstr.news/cluster/nigerias-naira-weakens-further-against-us-dollar ### 2026-08-05: Nigerian Naira Swings Between Official and Black Market Rates Nigeria's naira rose to about N1,362 per dollar at the official CBN window, while black‑market rates stayed near N1,415‑N1,425 per dollar in early August 2026. 9 sources. https://clstr.news/cluster/nigerian-naira-swings-between-official-and-black-market-rates ### 2026-08-03: Nigeria's Naira Exchange Rate Gap Narrows Between Official and Parallel Markets Nigeria's naira gap between official and parallel markets narrowed to about ₦40‑₦55 per dollar in early August 2026, with official rates near ₦1,368 and black‑market rates around ₦1,410‑₦1,425, easing pressure‑ 5 sources. https://clstr.news/cluster/nigerias-naira-exchange-rate-gap-narrows-between-official-and-parallel-markets ### 2026-07-31: Nigeria's Naira Holds Steady Against Dollar Amid Tight Official and Parallel Rates Nigeria's naira stayed steady on July 31, 2026, with the official rate near ₦1,379/$ and the black‑market at ₦1,409‑₦1,420, a narrow ₦30‑₦40 spread, aided by CBN liquidity measures. 11 sources. https://clstr.news/cluster/nigerias-naira-holds-near-1379-per-dollar-amid-narrow-blackmarket-gap ### 2026-07-27: Nigeria's Naira Holds Steady as CBN Reforms Narrow Dollar Gap Nigeria's naira stayed stable on July 27, 2026, with official rates around ₦1,362/$1 and parallel rates near ₦1,350‑₦1,375, as CBN reforms and a steady policy rate narrow the dollar gap. 5 sources. https://clstr.news/cluster/nigerias-naira-holds-steady-as-cbn-reforms-narrow-dollar-gap ### 2026-07-25: Nigeria Parallel Market Dollar/Naira Rate Near ₦1,410 on July 25, 2026 Nigeria’s black‑market dollar trades at about ₦1,405‑₦1,415 per USD on July 25, 2026, a ~3% premium over the Central Bank’s official ₦1,369 rate, amid steady demand and improved liquidity. 3 sources. https://clstr.news/cluster/nigeria-parallel-market-dollarnaira-rate-near-1410-on-july-25-2026 ### 2026-07-01: Nigerian Naira holds around ₦1,380 per dollar in official and black markets Nigeria’s official naira rate stayed near ₦1,380 per dollar on July 1, 2026, while the black market narrowed to about ₦1,390‑₦1,405, reflecting CBN liquidity measures and modest market strengthening. 4 sources. https://clstr.news/cluster/nigerian-naira-holds-around-1380-per-dollar-in-official-and-black-markets --- Cite as: Nigeria Naira exchange rate dynamics. CLSTR, https://clstr.news/situations/nigeria-naira-exchange-rate-dynamics