The Nigerian naira has recorded two consecutive days of appreciation against the United States dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria, the naira strengthened to N1,419.66 per dollar on Tuesday, up from N1,423.17 on Friday last week. This translates to a gain of N3.51 against the dollar in the last 48 hours.
The appreciation of the naira is a notable development in the country’s foreign exchange market, which has experienced fluctuations in recent times. The official foreign exchange market, also known as the Investors and Exporters window, is the platform where banks and other authorized dealers trade foreign currencies. The Central Bank of Nigeria uses this window to manage the supply of foreign exchange and maintain a stable exchange rate.
In contrast, the black market, also known as the parallel market, has seen the naira remain stable at N1,490 per dollar, the same rate recorded on Monday. The black market exchange rate is often seen as a benchmark for the true value of the naira, as it reflects the demand and supply of foreign currencies in the informal sector.
The improvement in the naira’s value comes as Nigeria’s foreign reserves rose to $45.74 billion as of January 12, 2026, up from $45.67 billion recorded last week Friday. The increase in foreign reserves is a positive development for the country’s economy, as it provides a buffer against external shocks and helps to maintain a stable exchange rate.
The appreciation of the naira and the increase in foreign reserves are significant developments for Nigeria’s economy, which has been affected by the COVID-19 pandemic and other global economic challenges. The country’s economic managers have been working to stabilize the exchange rate and build up the foreign reserves, and these latest developments suggest that their efforts are yielding positive results. As the economy continues to evolve, it is likely that the naira’s value and the country’s foreign reserves will remain key indicators of its economic performance.
