Naira Hits Six-Month High at N1,526 as Non-Bank Inflows Lift FX Market

The naira on Monday strengthened to a six-month high of N1,526.09 per dollar at the official Nigerian Foreign Exchange Market (NAFEM), supported by robust inflows from non-bank corporates that boosted market liquidity.

Data from the Central Bank of Nigeria (CBN) showed the local currency gained 0.4% against the dollar on the first trading day of September, appreciating from Friday’s close of N1,531.57. The last time the naira traded around this level was July 14, 2025, when it exchanged at N1,518.73/$1.

In the parallel market, the currency held steady at N1,540 per dollar, unchanged since August 25.

According to a breakdown by Coronation Merchant Bank, non-bank corporates provided the largest inflows of $250 million (35.38%), followed by foreign portfolio investors with $198.3 million (28.06%). Exporters contributed $145.1 million (20.53%), while the CBN injected $88.5 million (12.52%). Inflows from individuals and other sources accounted for the balance.

Meanwhile, Nigeria’s external reserves rose marginally by $161.06 million (0.46% week-on-week) to $41.27 billion, offering further support to FX stability.

Tanimu Yakubu, director-general of the Budget Office of the Federation, said the naira’s rebound reflects deliberate policy reforms rather than chance.

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