Naira Sustains Momentum: Closes at N1,355/$
Naira Hits One-Month High: Currency Rallies to N1,355/$ as FX Reserves Soar
LAGOS — The Nigerian naira extended its upward momentum on Monday, appreciating to N1,355/$ in the official foreign exchange market. According to the latest data from the Central Bank of Nigeria (CBN), the currency has now reached its strongest level since late February.
Monday’s closing rate reflects a steady improvement from the N1,363.5/$ recorded on Friday, signaling sustained gains following a period of early-month volatility. The current rally marks a significant turnaround from just one week ago, when the naira hit a low of N1,425/$—its weakest position since mid-January.
Market Activity and Performance
Trading sessions on Monday remained relatively stable, with the naira’s intraday value fluctuating between a high of N1,365.35/$ and a low of N1,354/$.
The currency has now maintained a consistent appreciation trend over five consecutive trading sessions:
- Tuesday: Strengthened to N1,390.5/$
- Wednesday: Appreciated further to N1,373.5/$
- Thursday: Continued its climb to N1,370/$
- Friday: Advanced to N1,363.5/$
- Monday: Extended the rally to N1,355/$
This sequential growth highlights a period of renewed stability in the official market, supported by improved liquidity and steady trading volumes.
Global Market Context
The naira’s local recovery comes as global currency markets face mixed performance. On Tuesday, the U.S. dollar traded inconsistently as international investors monitored escalating geopolitical tensions involving Iran and their potential impact on global energy flows.
In early Asian trading, several major currencies saw slight declines against the greenback. The Euro fell 0.12% to $1.1492, while Sterling dipped 0.1% to $1.33. Meanwhile, the Australian dollar eased slightly as markets awaited a key interest rate decision from Australia’s central bank.
Strengthening Reserves and Policy Outlook
The Central Bank of Nigeria remains optimistic that the country’s growing external reserves will continue to shield the naira from prolonged pressure.
CBN Governor Olayemi Cardoso noted that ongoing monetary and foreign-exchange reforms are successfully strengthening market confidence. Key indicators of this growing stability include:
- Gross External Reserves: Climbed to $50.45 billion as of February 2026, bolstered by robust oil earnings and foreign inflows.
- Net Foreign Exchange Reserves: Rose to $34.80 billion at the end of 2025.
- Future Projections: The CBN 2026 Macroeconomic Outlook suggests reserves could rise further to $51.04 billion by the end of the year.
If current market conditions persist and liquidity remains supportive, analysts believe the naira could continue to test stronger levels in the coming weeks.
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