- The naira strengthened by 0.84% to N1,346.90/$ at NAFEM on August 21, 2026, gaining N11.35 during the week
- Weekly foreign exchange turnover more than doubled to $4.52 billion, representing a 107.6% increase from the previous week
- Nigeria’s external reserves also rose to $52.02 billion, their highest level since January 2009, supported by stronger oil earnings and improved FX inflows
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The naira recorded a 0.84% gain against the US dollar at the Nigerian Foreign Exchange Market (NAFEM), closing the week at N1,346.90/$ on Friday, August 21, 2026.
Data published by the Central Bank of Nigeria (CBN) showed that the local currency appreciated by N11.35 from the N1,358.25/$ recorded at the close of the previous week on August 14.
Source: UGC
The stronger performance came amid a sharp rise in foreign exchange transactions, with total NAFEM turnover reaching about $4.52 billion between Monday and Friday.
This represents a 107.6% increase from the approximately $2.18 billion recorded during the trading week of August 10–14.
Naira records strongest weekly close
The naira opened the week at N1,350/$ on August 17 and strengthened gradually during the trading sessions.
On Monday, the currency traded between N1,361/$ and N1,347/$ before settling at N1,350/$. It later closed at N1,350.70/$ on August 18, N1,351/$ on August 19 and N1,347.50/$ on August 20.
Friday’s closing rate of N1,346.90/$ represented the naira’s strongest level of the week.
CBN data showed that the currency traded within a range of N1,342/$ to N1,348/$ on Friday. The weighted average exchange rate stood at N1,346.49/$, while the simple average was N1,346.07/$.
FX turnover climbs above $4.5 billion
The increase in weekly turnover reflected sustained activity in the official foreign exchange market.
NAFEM transactions stood at $1.41 billion on August 17, followed by $1.08 billion on August 18 and $1.11 billion on August 19. Turnover stood at $920.46 million on August 20.
The stronger naira performance also coincides with an improvement in Nigeria’s external reserves. The country’s reserves rose to $52.02 billion as of July 20, 2026, the highest level recorded since January 2009.
Source: Getty Images
The reserve position also surpassed the CBN’s December 2025 projection of $51.04 billion for the whole of 2026.
The apex bank had linked its reserve outlook to stronger crude oil earnings, ongoing reforms in the foreign exchange market and improved inflows into the country.
Source: Legit.ng