The naira appreciated by 0.84% against the US dollar at the Nigerian Foreign Exchange Market (NAFEM), closing the week at N1,346.90/$ on Friday, August 21, 2026. This gain of N11.35 from the previous week's close of N1,358.25/$ on August 14 coincided with a sharp rise in foreign exchange transactions, as total weekly turnover more than doubled to approximately $4.52 billion.
Naira Records Strongest Weekly Close
According to data published by the Central Bank of Nigeria (CBN), the naira opened the week at N1,350/$ on August 17 and strengthened gradually through the trading sessions. On Monday, the currency traded within a range of N1,361/$ to N1,347/$ before settling at N1,350/$. It subsequently closed at N1,350.70/$ 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 that day. 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 reached $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.
This represents a 107.6% increase from the approximately $2.18 billion recorded during the trading week of August 10–14. The stronger naira performance coincided with an improvement in Nigeria's external reserves, which rose to $52.02 billion as of July 20, 2026, the highest level recorded since January 2009.
Reserves Surpass CBN Projection
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.
Legit.ng journalist Victor Enengedi, who has over a decade's experience covering energy, MSMEs, technology, banking, and the economy, reported these developments. The naira's appreciation and the surge in FX turnover signal sustained activity and improved liquidity in Nigeria's official foreign exchange market, supported by robust external reserves.
