The Nigerian naira strengthened against the US dollar across both official and parallel markets on Tuesday, driven by a new central bank directive aimed at boosting foreign exchange liquidity through licensed dealers.
According to data from the Central Bank of Nigeria (CBN), the official exchange rate improved to N1,351.02 per dollar, firming by N3.24 from the previous day’s rate of N1,354.26. This marked a continued appreciation trend at the regulated window.
In the black market, the currency also gained ground, with the dollar selling for N1,450, a N5 improvement from the N1,550 rate reported on Monday.
The moves follow a formal notice from the CBN to commercial banks, instructing them to sell a maximum of $150,000 weekly to licensed Bureau de Change (BDC) operators. This directive is designed to increase the supply of foreign currency to the retail end of the market through these licensed change outlets.
The CBN’s action comes amid sustained high levels of Nigeria’s external reserves, which stood at $47.03 billion as of February 6, 2026, according to a Media Talk Africa report. The reserves provide a key buffer for the country’s foreign exchange position.
The coordinated appreciation in both markets signals the initial impact of the CBN’s policy to channel more dollars through BDCs, a move intended to narrow the wide gap between official and parallel rates and enhance market stability. The effectiveness of this strategy will be closely monitored in the coming weeks.
