The naira strengthened sharply on the official Nigerian Foreign Exchange Market on Thursday, 27 August 2026, as the dollar fell to about N1,338 and gross external reserves rose by some $185.25 million to $53.30 billion.
The local currency opened near N1,446 to the dollar, then traded between N1,335 and N1,345 during the session.
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Central Bank of Nigeria figures put total foreign exchange turnover at about $191.69 million, with foreign portfolio investors, exporters, non-bank companies and other players still in the market.
Activity was quieter than the previous day. Interbank turnover slipped by about 19 per cent from $235.99 million to roughly $191.59 million. Deals fell from 213 to 176.
At the official window the naira also gained 42 basis points against the pound to N1,820.34 and 0.38 per cent against the euro to N1,526.12.
The parallel market told another story. AIICO Capital Limited said renewed demand lifted the dollar 0.36 per cent to N1,405 and the euro 0.31 per cent to N1,600.
The naira firmed 0.26 per cent against the pound on the street, around N1,900. Official strength has not yet closed that gap.
The reserve rise adds a buffer if inflows hold. Oil still shapes that outlook. Brent traded near $88 a barrel on Thursday after three losing sessions, pulled between hopes of extra supply and risks to shipping.
An Iran-Oman understanding on Strait of Hormuz revenue sharing lifted supply talk.
Ukrainian strikes on Russian energy sites and uncertain sea lanes kept prices jumpy. Saudi Arabia has increased loadings at Persian Gulf terminals to limit Red Sea exposure.
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For Nigeria, the next test is whether official liquidity, $53.30 billion in reserves and firmer crude can keep the naira strengthens story alive when importers return to the window and the parallel market still asks more than N1,400 for a dollar.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
