{"id":36797,"date":"2026-08-31T08:43:54","date_gmt":"2026-08-31T07:43:54","guid":{"rendered":"https:\/\/www.funminews.com\/?p=36797"},"modified":"2026-08-31T08:50:08","modified_gmt":"2026-08-31T07:50:08","slug":"naira-opens-new-week-near-n1337-to-dollar-as-nigerias-foreign-reserves-rise","status":"publish","type":"post","link":"https:\/\/www.funminews.com\/index.php\/2026\/08\/31\/naira-opens-new-week-near-n1337-to-dollar-as-nigerias-foreign-reserves-rise\/","title":{"rendered":"Naira Opens New Week Near N1,337 to Dollar as Nigeria\u2019s Foreign Reserves Rise"},"content":{"rendered":"\n
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LAGOS, Nigeria<\/strong> \u2014 Nigeria\u2019s naira is entering the new trading week near N1,337 to the U.S. dollar after strengthening in the official foreign exchange market, supported by rising external reserves and improved investor confidence. The currency closed Friday at about N1,337.29 per dollar in the Nigerian Foreign Exchange Market, or NFEM, compared with roughly N1,349.99 earlier in the week, according to Central Bank of Nigeria data reported by local financial publications.<\/p>\n\n\n\n

The gains came as Nigeria\u2019s foreign exchange reserves rose above S53 billion, reaching about S53.11 billion as of Aug. 24, their highest level in more than 17 years. The reserves stood at about S49.96 billion in early June, meaning the country added more than S3 billion in less than three months. Larger reserves generally give the central bank more capacity to meet foreign-currency demand and help reassure investors that Nigeria can pay for imports and service external obligations.<\/p>\n\n\n\n

Central Bank Gov. Olayemi Cardoso has attributed the stronger reserve position to increased foreign exchange inflows, including crude oil-related receipts, capital inflows and renewed investor participation. Speaking through a representative at a recent CBN event, Cardoso said the improvement was supported by \u201csustained inflows and renewed investor confidence.\u201d The bank has also introduced foreign exchange reforms, including electronic trading platforms and new market rules, as part of efforts to improve transparency and reduce distortions in currency trading.<\/p>\n\n\n\n

\"https:\/\/nairacompare.ng\/hubfs\/Naira-Dollar.jpeg\"<\/figure>\n\n\n\n

The latest appreciation, however, does not mean pressure on the naira has disappeared. Foreign exchange turnover fell sharply during the week, dropping about 49% to S2.71 billion from roughly S5.28 billion the previous week. The naira also remained weaker in the parallel market, where the dollar traded around S1,403 on Friday. The difference between the official and street rates shows that demand for dollars outside the formal banking system remains an important measure of pressure on the currency.<\/p>\n\n\n\n

The naira has undergone one of the most significant transformations in its history since President Bola Tinubu took office in 2023 and his government relaxed longstanding controls on the exchange rate. The currency initially fell sharply as authorities moved toward a more market-driven system, increasing the cost of imported food, fuel, machinery and other goods. Nigeria relies heavily on dollar earnings from crude oil exports, meaning global oil prices, foreign investment and petroleum production continue to have a major influence on the currency. Moody\u2019s on Friday revised Nigeria\u2019s outlook to positive from stable, citing stronger foreign exchange reserves and improved economic resilience, although it retained the country\u2019s B3 credit rating because of continuing fiscal and debt pressures.<\/p>\n\n\n\n

For Nigerian households and businesses, a sustained strengthening of the naira could eventually reduce some pressure on imported goods, transportation costs and companies that require dollars to purchase equipment or raw materials overseas. It could also improve Nigeria\u2019s appeal to international investors, but economists will be watching whether the gains can continue alongside adequate market liquidity and stable oil revenues. With Nigeria one of Africa\u2019s largest economies and a major energy producer, prolonged currency stability would have implications beyond its borders, affecting regional trade, investment flows and confidence in economic reforms across West Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

LAGOS, Nigeria \u2014 Nigeria\u2019s naira is entering the new trading week near N1,337 to the U.S. dollar after strengthening in the official foreign exchange market, supported by rising external reserves and improved investor confidence. The currency closed Friday at about N1,337.29 per dollar in the Nigerian Foreign Exchange Market, or NFEM, compared with roughly N1,349.99 […]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4,478,5],"tags":[2149,2148,905,12437,23221,13135,12439,23220,23222,1584,18874],"class_list":["post-36797","post","type-post","status-publish","format-standard","hentry","category-featured","category-financial","category-international","tag-cbn","tag-central-bank-of-nigeria","tag-dollar-to-naira","tag-foreign-exchange","tag-forex-nigeria","tag-naira-exchange-rate","tag-nfem","tag-nigeria-foreign-reserves","tag-nigeria-naira","tag-nigerian-economy","tag-olayemi-cardoso"],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/36797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=36797"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/36797\/revisions"}],"predecessor-version":[{"id":36799,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/36797\/revisions\/36799"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=36797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=36797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=36797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}