The naira depreciated by 56 kobo against the US dollar at Nigeria's official foreign exchange market on Wednesday, September 16, 2026, closing at N1,329.86 per dollar, down from N1,329.30 per dollar recorded in the previous session on Tuesday.
The 0.24% decline reflects persistent demand pressure on the local currency, even as Nigeria's external reserves reached approximately $54.61 billion as of September 14, the highest level in nearly 18 years.
Interbank FX Turnover Plunges 65.9%
Foreign exchange activity at the interbank market contracted sharply during the session. Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover fell by 65.9% to $89.355 million, down from $262.10 million in the prior session, indicating a notable pullback in dollar transactions among banks.
Outside the interbank market, the dollar traded at N1,336 at the GTBank FX desk, while the parallel market rate hovered around N1,370 per dollar.
The naira also lost ground against other major currencies. It fell N3.06 against the Pound Sterling to close at N1,789.19 per pound, down from N1,786.13 per pound a day earlier. Against the Euro, it dropped N4.90, with the Euro closing at N1,534.26 per euro, compared with N1,529.36 per euro in the previous session.
External Reserves at 18-Year High
Despite the day's depreciation, Nigeria's foreign reserve position remains strong. CBN data shows the country's gross external reserves rose to about $54.61 billion as of September 14, the highest level in roughly 18 years. A larger reserve buffer gives the CBN greater capacity to meet external obligations and support liquidity in the foreign exchange market.
The reserve build-up has been linked to stronger foreign exchange inflows, with oil continuing to play a key role in dollar earnings. Still, the exchange rate remains sensitive to shifts in dollar demand and overall market liquidity.
For businesses and consumers, movements in the official rate directly affect the naira cost of imported goods, raw materials, and equipment priced in foreign currencies.
CBN Publishes Latest Exchange Rates
The CBN's rates for selected currencies on Wednesday were:
- CFA: N2.34
- Chinese Yuan/Renminbi: N198.26
- Danish Krone: N205.20
- Euro: N1,534.26
- Japanese Yen: N8.57
- Saudi Riyal: N354.04
- South African Rand: N81.57
- SDR: N1,820.44
- Swiss Franc: N1,623.56
- Pound Sterling: N1,789.19
- US Dollar: N1,329.86
- WAUA: N1,818.85
- UAE Dirham: N362.08
CBN Maintains $150,000 Weekly BDC Purchase Cap
Earlier, Legit.ng reported that the CBN has maintained its $150,000 weekly foreign exchange purchase ceiling for Bureau De Change (BDC) operators, publishing new operational guidelines that govern how licensed BDCs can access dollars through authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).
The regulatory guidance, addressed to authorised dealer banks and licensed BDC operators, details the procedures for implementing a February 10, 2026 circular that restored BDC access to the official foreign exchange market.
