LAGOS, NIGERIA — The Nigerian naira appreciated slightly against the United States dollar on Tuesday, September 29, 2026. The currency traded at N1,330.4737 at the Central Bank of Nigeria official foreign exchange window.
Official Market Performance
Data from the CBN official platform shows the naira traded at the Nigerian Foreign Exchange Market rate of N1,330.4737 per dollar. It closed at N1,331.0000 per dollar.
The currency traded at an NFEM rate of N1,331.3292 on September 28, 2026. It appreciated slightly by at least N0.86 after trading activities on Tuesday.
Parallel Market Rates
At the parallel market, the buying rate remained the same. The selling rate increased by N3 compared to the previous trading rate on Monday, September 28, 2026.
According to Aboki FX, the naira-to-dollar exchange rate at the black market on Tuesday was N1,375 and N1,385 per dollar for buying and selling rates, respectively.
Market Analysis
The slight appreciation at the official window reflects improved liquidity in the foreign exchange market. The CBN has implemented several reforms aimed at stabilising the naira. These include the electronic foreign exchange matching system and measures to attract diaspora remittances.
The parallel market rate has also remained relatively stable in recent weeks. The gap between the official and parallel market rates has narrowed. This suggests that the CBN’s reforms are having a positive impact.
Economic Context
The naira has faced significant pressure in recent years. The removal of fuel subsidies and the unification of exchange rates contributed to volatility. However, recent data shows that the currency is stabilising.
Nigeria’s external reserves have also improved. The CBN recently reported that the country’s reserves gained $9.3 billion in nine months. This is seven times the increase recorded in 2025.
What This Means for Nigerians
A stronger naira reduces the cost of imported goods. It also lowers the cost of fuel and other essential commodities. This can help to ease inflation and improve the purchasing power of ordinary Nigerians.
However, the impact of exchange rate movements takes time to filter through the economy. Analysts say the naira’s stability will depend on continued reforms and improved oil production.
Outlook
The CBN has said it will continue to monitor the market. It has pledged to maintain a tight monetary policy stance to support the currency. The coming weeks will show whether the naira can sustain its gains. For now, the slight appreciation offers some relief to Nigerians.
