The Naira marginally appreciated against the United States Dollar by 31 Kobo or 0.02 per cent to sell at N1,320.25/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, September 8, 2026, compared with the previous day’s value of N1,320.56/$1.
The local currency, however, lost N1.69 against the Pound Sterling in the official market during the session to close at N1,789.86/£1 compared with the preceding session’s N1,788.17/£1, but gained 89 Kobo against the Euro to close at N1,534.52/€1 versus N1,535.41/€1.
At the GTBank forex counter, the Nigerian Naira traded flat against the US Dollar yesterday at N1,330/$1, and also remained unchanged at the parallel market at N1,375/$1.
Market analysts noted that the Naira is expected to be broadly stable in the near term, supported by an improvement in external reserves and relatively contained exchange-rate pressures
Gross FX reserves increased to $54.08 billion as of September 3, marking the first time since December 2008 that they have exceeded $54 billion.
The reserves have risen by approximately $8.6 billion since the beginning of the year, providing a stronger external buffer and supporting confidence in the CBN’s capacity to manage FX pressures.
Analysts at Coronation said they expect the NFEM rate to trade broadly within the N1,300–N1,350/$1 range, barring a material deterioration in global risk sentiment, a sharp decline in oil prices, or other adverse external shocks.
As for the cryptocurrency market, Bitcoin (BTC) rose by 0.5 per cent to $78,957.49, as investors remained focused on inflation data and the Federal Reserve’s Sept. 15-16 rate decision.
Further, Ripple (XRP) grew by 2.9 per cent to $2.97, Solana (SOL) gained 1.2 per cent to sell at $104.10, Ethereum (ETH) expanded by 0.9 per cent to $2,496.17, Cardano (ADA) improved by 0.7 per cent to $0.2188, Dogecoin (DOGE) increased by 0.6 per cent to $0.0900, TRON (TRX) soared by 0.4 per cent to $0.3385, and Binance Coin (BNB) jumped by 0.3 per cent to $751.46, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.