The Central Bank of Nigeria (CBN) has released its official exchange rates for September 24, 2026, setting the US dollar's buying rate at N1,327.67, the central rate at N1,328.17, and the selling rate at N1,328.67. The figures, published by the apex bank, cover a wide range of major international and regional currencies, reflecting the naira's official position in the foreign exchange market.
Pound and Euro Hold Above N1,500 Against the Naira
The pound sterling recorded a selling rate of N1,758.36, with its central rate at N1,757.70. The euro was quoted at a selling rate of N1,511.63 and a central rate of N1,511.06, keeping both currencies above the N1,500 threshold against the naira. The Swiss franc came in at a selling rate of N1,605.45, while the Special Drawing Rights (SDR) stood at N1,805.25.
Full CBN Exchange Rates for September 24, 2026
Below are the official selling rates published by the CBN:
- US dollar: N1,328.67
- Pound sterling: N1,758.36
- Euro: N1,511.63
- Swiss franc: N1,605.45
- UAE dirham: N361.76
- Saudi riyal: N353.86
- Chinese yuan: N197.92
- South African rand: N81.09
- Japanese yen: N8.38
- Danish krone: N202.20
- CFA franc: N2.31
The CBN noted that its published rates are official reference rates and may differ from what banks and authorised dealers quote in their transactions.
Foreign Reserves Rise to $55 Billion
Meanwhile, CBN Governor Olayemi Cardoso said the country's foreign reserves have risen to $55 billion, putting the external position at its strongest level in 18 years. Cardoso disclosed this while speaking to journalists after the apex bank's 307th Monetary Policy Committee (MPC) meeting in Abuja. He attributed the growth in the reserves to measures implemented by the CBN, adding that the improvement in the country's foreign exchange market was another major achievement.
The CBN governor said the greater stability in the forex market was one of the developments he was most proud of since taking office. He said: "My proud moment, stability from a situation of great volatility to one where the market is stable. You can plan, you can project, the external position is not 5, 10 years, 15 years, it's 18 years better than it has been. This is a big deal, the numbers speak for themselves."
CBN Cuts Interest Rate to 23%
Earlier, Legit.ng reported that the Central Bank of Nigeria reduced its benchmark interest rate by 350 basis points to 23%, the largest cut to the Monetary Policy Rate (MPR) in the bank's history, in a move that could lower borrowing costs across the Nigerian economy. CBN Governor Olayemi Cardoso announced the decision on Tuesday, September 22, 2026, following a two-day sitting of the Monetary Policy Committee in Abuja. At its 307th meeting, the committee voted to bring the MPR down from 26.50% to 23%.
