The naira closed at N1,337/$ at the Nigerian foreign exchange market on Friday, extending a modest run of strength as weekly turnover collapsed to $2.71 billion. The Central Bank of Nigeria’s published data show the unit finished the reported sessions 0.96% firmer than its opening level of N1,349.99/$ on August 24.
Activity on the Nigerian FX market was heavily skewed toward two sessions. Transactions of about $913.76 million on August 26 and roughly $1.06 billion on August 27 accounted for the bulk of the week’s volume, while turnover on August 24 stood at $731.18 million. The market was closed for a public holiday on August 25. By contrast, the prior trading week recorded approximately $5.28 billion, implying a 48.7% week-on-week drop.
The naira’s trajectory through the week was uneven, moving from N1,349.99/$ at the start, to N1,343/$ on August 26 and N1,336/$ on August 27, before the N1,337/$ close on August 28. Quoted ranges for the reported sessions ran between N1,335/$ and N1,350/$. On the parallel market the local currency appreciated to N1,403/$ from N1,407/$ the previous day.
Policy and external metrics underpinned market moves. Nigeria’s foreign-exchange reserves surpassed $53.11 billion as of August 24, 2026, a level the central bank says strengthens its external liquidity position and helps shore up confidence in its ability to meet FX obligations. CBN Governor Olayemi Cardoso told markets the bank’s interventions now constitute only about 1.2% to 1.3% of total FX turnover, and pointed to recent reforms, including an FX Code, an electronic trading platform and a revised foreign exchange manual, as drivers of a more orderly market.
Oil prices fell over the week, with Brent settling at $89.31 and West Texas Intermediate at $83.40, declines market participants will watch for their potential impact on FX receipts. The balance between stronger reserves, a reduced CBN footprint and plunging weekly turnover will determine whether the naira’s gains hold into the next sessions. Traders and corporates will monitor incoming data and session-by-session liquidity for signs of sustained momentum or renewed pressure.
