FACT-CHECK: Did the Naira Strengthen to ₦1,338/$ as External Reserves Rose to $53.3bn?
BY: Oluwatoyin Hawal Momolosho
Claim:
A post shared on X by Naija (@Naija_PR) on August 28, 2026, claims that “the naira has strengthened to about ₦1,338/$ at the official market, while external reserves rose to $53.3bn.”
screenshot of claim on X
Verdict:
True.
Full Text:
Nigeria’s foreign-exchange market has undergone significant changes in recent years, following the Central Bank of Nigeria’s reforms aimed at improving transparency and liquidity in the market.
The Nigerian Foreign Exchange Market (NFEM) is the official platform through which authorised foreign-exchange transactions are conducted, while the parallel market operates outside the official system. As a result, exchange rates reported in the two markets can differ.
Against this backdrop, movements in the naira-dollar exchange rate have remained a major economic issue because the exchange rate affects the cost of imported goods, businesses that depend on foreign currency, international education, travel and other dollar-denominated transactions.
Nigeria’s external reserves have also been closely watched as an indicator of the country’s foreign-exchange buffer.
In August 2026, the reserves crossed the $53 billion mark, reaching their highest level in more than 17 years. Data attributed to the Central Bank of Nigeria showed that reserves stood at $53.112 billion on August 24, 2026, just about $142 million below the $53.25 billion recorded in January 2009.
The development came after a sustained buildup in reserves. CBN data reported by Punch showed that reserves increased from $49.96 billion on June 3 to $53.112 billion on August 24, representing an increase of about $3.15 billion in less than three months.
It was against this background of rising reserves and improved foreign-exchange liquidity that the claim about the naira strengthening to around ₦1,338/$ circulated.
Verification:
FactCheckAfrica findings show that the first part of the claim is supported by available exchange-rate data.
The rate represented an appreciation from ₦1,343.59/$ recorded during the previous trading session. Reports also showed that transactions during the session were conducted between ₦1,335 and ₦1,345 per dollar.
The official exchange-rate figures can be checked through the Central Bank of Nigeria’s exchange-rate portal, which publishes official foreign-exchange rates. “cbn.gov.ng”
Therefore, the statement that the naira strengthened to about ₦1,338/$ at the official market is accurate.
However, this figure should not be confused with the parallel-market rate.
Reports around the same period showed the parallel market trading at a considerably higher level. This means that the ₦1,338 figure refers specifically to the official NFEM rate and does not mean that dollars were generally available to all Nigerians at that price.
What about the $53.3bn reserves?
The second part of the claim requires a little more scrutiny. The most clearly documented CBN figure available for August is $53.112 billion as of August 24, 2026. Punch reported that this was the highest reserve level since January 2009.
The Sun independently reported the same CBN figure, stating that reserves rose from $49.96 billion on June 3 to $53.112 billion on August 24.
A separate report published on August 28, however, put Nigeria’s external reserves at approximately $53.30 billion, which is the figure used in the viral post’s wording.
The difference between $53.112 billion and $53.30 billion is therefore important. The $53.112 billion figure has a clearly stated August 24 reference date, while $53.30 billion represents a later reported reserve position and is also a rounded figure.
Has the naira strengthened because reserves increased?
The two developments occurred around the same period, but it would be misleading to conclude that the increase in reserves alone caused the naira to appreciate.
Foreign-exchange rates are influenced by several factors, including the supply and demand for dollars, market liquidity, foreign-exchange inflows, investor activity and interventions in the official market.
The August 27 movement occurred alongside improved FX liquidity, which reports identified as one of the factors supporting the naira.
Similarly, a rise in external reserves strengthens Nigeria’s foreign-currency buffer and can improve confidence in the country’s ability to meet external obligations. But reserves are not the same thing as dollars being immediately available for every transaction in the economy.
Why does the claim matter?
The development is significant because Nigeria’s reserves are now close to the level recorded in 2009.
At $53.112 billion, the August 24 reserve position was only about $142 million below the $53.25 billion recorded on January 12, 2009.
For the average Nigerian, however, the more immediate issue is the exchange rate.
A sustained appreciation of the naira could reduce the naira cost of imported goods and other dollar-denominated transactions. But a single day’s movement does not establish a long-term trend.
The distinction between the official and parallel markets also remains important when interpreting claims about the naira’s value.
Conclusion:
The claim that the naira strengthened to about ₦1,338/$ at the official market is true, with CBN-linked market data showing a rate of approximately ₦1,338.58/$ on August 27, 2026.
The claim that Nigeria’s external reserves rose to about $53.3 billion is also broadly supported by later reporting, although the clearest CBN figure for August 24 was $53.112 billion.
Therefore, FactCheckkAfrica rates the claim TRUE, with clarification, the exchange-rate figure refers to the official NFEM, while the reserve figure should be tied to the date of the underlying data rather than presented as though $53.3 billion were the August 24 CBN figure.
