The Nigerian naira held firm through the final week of September, with the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) closing at 1,331.00 against the United States dollar on September 29, 2026, according to CBN data.
The closing rate marked a modest step back from the 1,331.50 recorded on September 28, and kept the naira within the tight 1,327–1,332 band that has prevailed since mid-September. The currency’s September weighted average rate of 1,327.77 against the dollar, drawn from 18 trading days of CBN-reported NFEM data, points to a market that settled into a narrower range after the sharper moves earlier in the reform cycle.
The most recent CBN figures show September 29 with zero reported deals at the NFEM level — a holiday-thinned session — though interbank turnover of 80.6 million dollars still crossed the platform, underscoring that activity did not fully stop.
For the full month, the naira’s closing rate ranged from a low of 1,320.00 on September 7 to a high of 1,334.00 on September 9, with the second half of September averaging 1,330.30 compared with 1,327.11 in the first half — a mild but discernible drift weaker over the course of the month.
The naira’s recent stability contrasts with the broader depreciation logged over the past year. Trading Economics reported the USD/NGN rate at 1,326.4850 on September 30, 2026, up 0.11 percent on the session, while noting the currency had strengthened 0.91 percent over the trailing month despite being 10.65 percent weaker over the trailing twelve months.
The CBN’s NFEM platform continues to publish daily closing rates, high and low prices, weighted and simple averages, deal counts, and turnover figures across both the interbank and broader market segments, giving market participants a granular view of liquidity conditions week to week.
Sep’s price action leaves the naira entering the final quarter of the year against a backdrop of measured trading volumes and a market still calibrating to the post-unification rate environment. Whether the tighter September range holds through October will depend on oil receipts, diaspora remittances, and the tempo of CBN market interventions in the weeks ahead.
