The Naira rebounded sharply against the US dollar on Tuesday, posting one of its largest gains since the introduction of the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System in October 2024.
Data from the CBN showed that the Naira appreciated to ₦1,372.91 per dollar on Tuesday, up from ₦1,390.36 on Monday, marking a ₦17.45 day-to-day gain at the official foreign exchange market.
At the parallel market, the Naira also strengthened, rising to ₦1,460 per dollar from around ₦1,470 the previous day. Analysts attribute the bullish move to improving foreign reserves, which surged to $46.59 billion as of February 2, 2026, up from $46.28 billion at the end of January.
Tuesday’s gain comes after a brief dip on Monday when the Naira weakened slightly against the dollar at the official market.
The appreciation of the Naira at both official and black markets is being seen as a positive signal for the country’s currency stability and foreign exchange liquidity.
