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Nigerian Naira appreciates to N1,355/$, up from N1,363.5/$ recorded last Friday.
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Central Bank of Nigeria attributes gain to stable market conditions and improving reserves.
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Stronger oil earnings and foreign inflows boost investor confidence and FX liquidity
The Nigerian Naira extended its recent gains on Monday, appreciating to N1,355 per dollar at the official foreign exchange market, compared to N1,363.5/$ recorded at the close of trading last Friday.
Data from the Central Bank of Nigeria indicates that the local currency has maintained a steady recovery trend in recent days, supported by relatively stable market conditions.
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The latest performance marks the naira’s strongest level since February 23, 2026, when it closed at N1,353.5/$, reflecting sustained improvement in the foreign exchange market.
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During Monday’s session, the currency traded between N1,365.35/$ and N1,354/$, highlighting relatively stable intraday activity.
Global market developments also influenced sentiment, as investors monitored movements in the U.S. dollar and geopolitical tensions, particularly involving Iran, which could impact global energy prices.
The apex bank noted that Nigeria’s improving external reserves position continues to support the naira. Net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross external reserves increased to $50.45 billion as of February 2026.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, said ongoing monetary and foreign exchange reforms are aimed at boosting investor confidence and enhancing market liquidity.
According to projections in the bank’s 2026 macroeconomic outlook, external reserves could rise further to $51.04 billion, largely driven by improved oil revenues and sustained foreign inflows.
