Naira Strengthens to N1,355/$, Highest Level in 4 Weeks

The naira extended its recent gains at the official foreign exchange market, closing at N1,355/$, according to data from the Central Bank of Nigeria.

This marks an improvement from N1,363.5/$ on Friday, indicating that the local currency is still recovering after earlier pressure this month.

Monday’s close is the naira’s strongest performance since February 23, 2026, when it also traded at N1,353.5/$. It also shows a sharp turnaround from the previous Monday, when the currency fell to N1,425/$, its weakest level since January 12.

The latest movement suggests the naira has maintained a steady recovery in recent sessions, with market conditions remaining relatively calm.

CBN trading figures show the currency traded within an intraday range of N1,365.35/$ to N1,354/$ on Monday, indicating fairly stable activity in the market.

The naira has appreciated gradually over the past week. It strengthened to N1,390.5/$ on Tuesday, improved further to N1,373.5/$ on Wednesday, closed at N1,370/$ on Thursday, and then rose to N1,363.5/$ on Friday before reaching N1,355/$ on Monday.

The steady rise highlights renewed momentum in the official market after the volatility seen earlier this month.

Beyond Nigeria, global currency markets are still reacting to wider economic and geopolitical developments. The U.S. dollar traded mixed as investors watched tensions involving Iran and considered the possible impact on global oil supply.

In early Asian trading, the euro slipped 0.12% to $1.1492, while sterling fell 0.1% to $1.33. The dollar index was mostly unchanged at 99.913, reflecting cautious sentiment among investors. Australia’s dollar also eased slightly ahead of an expected interest rate decision, adding to uncertainty across currency markets.

Meanwhile, the Central Bank of Nigeria said the country’s stronger external reserve position could help support the naira against longer-term pressure.

The bank said Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross external reserves increased to $50.45 billion as of February 2026. The improvement was linked to stronger oil earnings and increased foreign inflows.

CBN Governor Olayemi Cardoso said current monetary and foreign exchange reforms are meant to boost market confidence and improve liquidity. In its 2026 Macroeconomic Outlook, the apex bank also projected that external reserves could rise further to $51.04 billion this year, largely on the back of higher oil revenues.