As disclosed in a report by Daily Post, the Nigerian Naira recorded further gains against the US dollar across the official foreign exchange market, trading at N1,357.65/$. Official Central Bank data revealed a steady multi-day appreciation, supported by increased foreign currency liquidity and improved dollar interventions in the interbank market.
The currency’s strong performance coincided with a notable surge in gross external reserves, which climbed past the $52.19 billion threshold. Similar bullish trends were reflected in the parallel market, where the exchange rate firmed up as speculative demand for dollars eased.
Market analysts attribute the currency stability to tighter monetary policy measures, increased diaspora remittances, and reduced crude import burdens following domestic refining ramp-ups. Financial experts anticipate that steady foreign reserve accretion will continue to bolster market confidence and buffer the local currency against external shocks.
Corroborating the forex gains, Vanguard reported on the exchange rate movements, quoting currency dealers who noted that “improved FX supply from export proceeds has tempered speculative pressures.” Furthermore, Leadership cited financial analysts who stated that “reaching the $52 billion mark in foreign reserves provides solid backing for central bank interventions.”
Echotitbits take:
The Naira’s sustained stability around N1,350/$ brings welcome predictability for businesses relying on imported industrial inputs. If foreign reserve growth persists, expect inflation figures for imported food and manufactured goods to ease gradually over the next quarter.
Source: Blueprint Newspaper – https://blueprint.ng/naira-rallies-as-foreign-reserves-near-52-billion-mark/, August 13, 2026
Photo credit: Business Day
