The Nigerian naira extended its recent appreciation against the United States dollar on Tuesday, September 8, 2026, with the official Nigerian Foreign Exchange Market (NFEM) rate settling at ₦1,320.25 per dollar.
Data published by the Central Bank of Nigeria (CBN) showed that the September 8 NFEM rate stood at ₦1,320.2469/$, compared with ₦1,320.56/$ recorded on September 7. This represents an improvement of about 31 kobo for the naira against the dollar.
The latest movement continues the naira’s relatively firm performance in the official foreign exchange market after the currency began September at stronger levels compared with previous months.
Market data also indicated that the dollar traded around ₦1,321.42 per dollar on September 8 based on historical exchange-rate tracking, broadly reflecting the stability seen around the official market rate.
The naira’s performance is important for businesses, consumers and investors because movements in the exchange rate influence the cost of imported goods, raw materials, machinery and other dollar-denominated transactions.
A stronger naira, if sustained, could help reduce the local-currency cost of imports and ease some foreign-exchange pressures on businesses. However, the effect on consumer prices may depend on other factors, including inflation, energy costs, import demand and the availability of foreign exchange.
The currency market remains closely watched as the government and CBN continue efforts to improve foreign-exchange liquidity and strengthen confidence in the official market.
Nigeria’s exchange-rate reforms have significantly changed the way the naira trades, with the NFEM serving as a key reference point for official foreign-exchange transactions.
For Nigerians monitoring the dollar-to-naira exchange rate today, the September 8 movement provides another indication of relative naira stability in the official market, although daily rates can change depending on market conditions.
