The Nigerian currency, the Naira, appreciated significantly against the United States Dollar on Tuesday, reaching its highest level in nearly two years across both the official and parallel foreign exchange markets.
According to data released by the Central Bank of Nigeria (CBN), the Naira strengthened to N1,335.96 per dollar at the official market, up from N1,347.78 recorded on Monday.
The latest figure marks its strongest performance since October 2024, reflecting a day-to-day gain of N11.82.
At the parallel market, commonly referred to as the black market, the Naira also recorded a notable surge.
It appreciated by N10 to close at N1,490 per dollar on Tuesday, compared to N1,400 traded the previous day.
The currency’s rally comes amid sustained growth in Nigeria’s foreign reserves, which climbed to $48.37 billion as of February 16, 2026, according to figures from the apex bank.
Market observers say the consistent appreciation signals improved foreign exchange liquidity and renewed confidence in monetary policies introduced by the CBN, although analysts caution that sustained gains will depend on broader economic stability and external market conditions.
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