The Nigerian naira appreciated significantly against the US dollar in both official and parallel foreign exchange markets on Monday, marking a notable turnaround from recent losses.
According to data from the Central Bank of Nigeria, the official exchange rate strengthened to N1,347.78 per dollar, improving from N1,355.42 at the end of the previous week. This represents a gain of N7.64 for the local currency in the official market.
In the parallel (black) market, the recovery was more pronounced. The naira gained N40 to close at N1,400 per dollar, down from N1,440 the previous Friday. This dual-market appreciation follows depreciation pressures recorded in the latter half of last week.
The currency’s bounce coincides with the release of favorable economic data. The National Bureau of Statistics reported that Nigeria’s inflation rate eased to 15.10 percent in January 2026. Separately, the country’s foreign exchange reserves grew to $47.81 billion as of February 12, 2026, providing a stronger buffer for the central bank’s interventions.
Analysts suggest the combination of rising external reserves and a slowing inflation rate may have bolstered market confidence in the naira. The Central Bank has consistently maintained that increased dollar liquidity and its various foreign exchange management policies are aimed at achieving long-term exchange rate stability.
This recent performance will be closely watched by investors and the public, as the naira’s value remains a critical indicator of economic stability and purchasing power in Africa’s largest economy. The sustainability of the appreciation will depend on continued capital inflows, crude oil earnings, and the effectiveness of monetary policy coordination.
