The naira on Wednesday rose to a two-year high of N1,326.69 in the official foreign exchange market, supported by improved dollar liquidity, stronger external buffers and rising formal remittance inflows.
The latest appreciation in the Nigerian Foreign Exchange Market (NFEM) comes as foreign exchange liquidity continues to improve, with Nigeria’s external reserves rising to $53.51 billion in August, the highest level since 2008.
The naira appreciated by 1.5 percent in the NFEM during August, while market turnover rose to $14.68 billion, its highest level in five months, indicating stronger activity and liquidity in the official market, according to a report by FMDA.
Nigeria also recorded $947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels and approaching the $1 billion monthly target set by Central Bank of Nigeria (CBN) Governor Olayemi Cardoso.
IMTO
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