The naira appreciated by N1.31 against the US dollar at the official market on Wednesday, September 30, closing at N1,329.16/$1 in the Nigerian Foreign Exchange Market (NFEM). The rate was N1,330.47/$1 on Tuesday, a gain of 0.09%.
The stronger close came as trading activity jumped sharply. Market turnover rose 122.9% to $179.577 million from $80.582 million, while the number of deals climbed to 94 from 37, according to Central Bank of Nigeria data.
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Naira Rises Against Pound, Euro
The naira gained ground against the other two major currencies in the same session. It appreciated against the British pound on Friday.
Against the euro, the local currency shed 50 kobo to close at N1,510.06/€1, down from N1,509.56/€1.
At the parallel market, data from checkfxrates.com displayed below shows the rates transfer apps are offering for GBP/NGN as at 03/10/26; 7:15am
Ad: (Exchange Rates change throughout the day, so always check the live comparison on checkfxrates.com to compare Naira to other Major Currencies before you send.)
Net Usable Reserves Hit $40 Billion
The CBN said Nigeria’s net usable external reserves now stand at about $40 billion, up from $859 million when the current administration took office in 2023. At that level, the reserves were below what was needed to cover one month of import obligations.
Muhammad Abdullahi, Deputy Governor, Corporate Services, disclosed the figures on Tuesday at the opening of the 38th Seminar of Finance Correspondents and Business Editors in Abuja. He said reforms implemented by the apex bank helped lift the net external reserves to the current level.
Net external reserves refer to foreign exchange available for immediate use after accounting for known short-term obligations. That differs from gross reserves, which cover the broader stock of foreign assets the country holds.
Nigeria’s gross foreign exchange reserves rose to about $54.6 billion in mid-September, the highest in more than 18 years.
Ad: (Exchange Rates change throughout the day, so always check the live comparison on checkfxrates.com to compare Naira to other Major Currencies before you send.)
Policy Backdrop
The naira’s midweek showing comes after a shift in the CBN’s monetary policy stance. The Monetary Policy Committee recently cut the Monetary Policy Rate by 350 basis points to 23.0%.
Stronger external reserves, heavier FX market activity and a lower benchmark rate are now shaping conditions in the naira market.
For importers and businesses buying dollars, the official rate remains below the parallel market, with a gap of about N40. Higher turnover suggests more supply is reaching the market, though the naira’s losses against the pound and euro show pressure has not disappeared across all currency pairs.
Ad: (Exchange Rates change throughout the day, so always check the live comparison on checkfxrates.com to compare Naira to other Major Currencies before you send.)
