There is a high energy cost associated with training Deep Neural Networks (DNNs). Off-chip memory access contributes a major portion to the overall energy consumption. Reduction in the number of off-chip memory transactions can be achieved by quantizing the data words to low data bit-width (E.g., 8-bit). However, low-bit-width data formats suffer from a limited dynamic range, resulting in reduced accuracy. In this paper, a novel 8-bit Floating Point (FP8) data format quantized DNN training methodology is presented, which adapts to the required dynamic range on-the-fly. Our methodology relies on varying the bias values of FP8 format to fit the dynamic range to the required range of DNN parameters and input feature maps. The range fitting during the training is adaptively performed by an online statistical analysis hardware unit without stalling the computation units or its data accesses. Our approach is compatible with any DNN compute cores without any major modifications to the architecture. We propose to integrate the new FP8 quantization unit in the memory controller. The FP32 data from the compute core are converted to FP8 in the memory controller before writing to the DRAM and converted back after reading the data from DRAM. Our results show that the DRAM access energy is reduced by 3.07 while using an 8-bit data format instead of using 32-bit. The accuracy loss of the proposed methodology with 8-bit quantized training is for various networks with image and natural language processing datasets.