Naira Gains to ₦1,359/$ at Official Market
Last update: February 5, 2026
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The Naira appreciates to ₦1,359/$ at the official market as reserves hit $46.59 Billion.
The Nigerian currency, naira, recorded a modest appreciation at the official foreign exchange market in mid-week trading, extending a gradual recovery trend amid improving sentiment around the country’s macroeconomic outlook.
CBI News notes that according to official data published on the website of the Central Bank of Nigeria (CBN), the naira strengthened at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.
At the official market, the naira closed at N1,359 per dollar on Wednesday, improving from N1,367/$ on Tuesday and N1,384.5/$ on Monday.
However, in the parallel market, the currency recorded a mild depreciation, trading at N1,453.13/$ on Wednesday compared with N1,445.00/$ on Tuesday.
The spread between the official and parallel market rates narrowed to N94, down from N96 recorded a week earlier, indicating gradual convergence between both market segments.
According to CBN data, Nigeria’s external reserves stood at $46.59 billion as of February 2, 2026. The reserve position continues to provide short-term intervention capacity and support exchange rate stability.
Analysts say the strengthening at the official window reflects improved dollar liquidity, sustained foreign reserve levels, tighter monetary policy, and renewed investor confidence.
The latest figures suggest easing pressure on the local currency, as narrowing rate differentials point to better liquidity conditions and strengthening confidence in ongoing foreign exchange reforms.
