The naira extended its appreciation on Monday, closing at N1,355/$ at the official foreign exchange window, according to data from the Central Bank of Nigeria (CBN).
The latest rate marks an improvement from N1,363.5/$ recorded on Friday, underscoring a steady recovery trend that has gathered pace over recent trading sessions.
Monday’s close represents the currency’s strongest level in four weeks, last seen on February 23, 2026, when it settled at N1,353.5/$. This reflects a notable rebound from the previous Monday’s close of N1,425/$ — its weakest level since January 12.
Trading data showed the naira moved within a relatively narrow band of N1,365.35/$ to N1,354/$ during the session, indicating stable market activity and improved liquidity conditions.
The currency’s upward trajectory has been consistent over the past week:
- Tuesday: N1,390.5/$
- Wednesday: N1,373.5/$
- Thursday: N1,370/$
- Friday: N1,363.5/$
- Monday: N1,355/$
The sequential gains highlight sustained bullish momentum in the official market, supported by calmer trading conditions.
Globally, currency markets remained cautious as investors tracked geopolitical tensions involving Iran and their potential impact on energy markets. The U.S. dollar traded mixed, with the euro and British pound posting slight declines, while the dollar index held steady at 99.913.
The Nigerian apex bank noted that improving external reserves is helping to stabilise the naira. Net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross reserves increased to $50.45 billion as of February 2026, driven by stronger oil receipts and increased foreign inflows.
CBN Governor, Olayemi Cardoso, stated that the ongoing monetary and foreign exchange reforms are aimed at boosting liquidity and restoring investor confidence.
Projections in the bank’s 2026 macroeconomic outlook suggest reserves could rise further to $51.04 billion, largely supported by higher oil revenues.
The naira’s continued appreciation signals short-term resilience in the official market and points to improving stability. Analysts say sustained liquidity support could see the currency strengthen further in the near term.
