The Nigerian naira recorded a positive performance against the United States dollar in September 2026, gaining 1.86 percent as average spot exchange rates dropped to ₦1,328.28 per dollar.

According to latest foreign exchange data, the figure represents an improvement from the average rate of ₦1,353.41 per dollar recorded in August 2026.

The monthly trading records also pointed to reduced market volatility, with the local currency fluctuating within a significantly tighter range compared to previous weeks.

In September, the naira traded between ₦1,320 and ₦1,334 per dollar, reflecting a ₦14 spread. This stands in contrast to August, when the currency recorded a wider gap of ₦29.60, trading between ₦1,335.50 and ₦1,365.10 per dollar.

The narrowed range indicates a 52.70 per cent drop in monthly rate fluctuations, pointing toward steady trading conditions in the foreign exchange market.

Financial analysts note that the sustained stability and appreciation could ease operational costs for domestic businesses that rely heavily on imported raw materials and equipment, provided foreign exchange remains accessible.

A predictable exchange rate is also expected to aid corporate planning and debt servicing for firms carrying foreign currency obligations.

For consumers, the strengthening currency could help curb the rising cost of imported goods, though market watchers emphasize that final retail price adjustments will depend on inventory turnover and ongoing supply-demand dynamics in the coming months.

ID