The Nigerian currency, the Nigerian naira, continued its upward movement on Monday, appreciating to N1,355 per dollar at the official foreign exchange market from N1,363.5 recorded on Friday.
Data released by the Central Bank of Nigeria showed that the naira has maintained a steady recovery in recent days, supported by relatively stable market conditions.
Monday’s performance represents the currency’s strongest showing since February 23, 2026, when it closed at N1,353.5 per dollar.
Market figures indicate that the naira traded at N1,390.5 per dollar on Tuesday before strengthening to N1,373.5 on Wednesday. It further appreciated to N1,370 on Thursday and closed at N1,363.5 on Friday before extending the rally at the start of the new week.
During Monday’s trading session, the currency moved within a range of N1,365.35 and N1,354 per dollar, reflecting relatively stable intraday trading.
Global market developments also influenced investor sentiment, as traders monitored movements in the United States dollar alongside geopolitical tensions involving Iran and their possible impact on global energy markets.
In early Asian trading, the Euro slipped by 0.12 per cent to $1.1492, while the British pound sterling declined by 0.1 per cent to $1.33. Meanwhile, the U.S. Dollar Index remained largely unchanged at 99.913.
The Australian dollar also weakened slightly ahead of a key interest rate decision by the country’s central bank, contributing to cautious sentiment across global markets.
According to the Central Bank of Nigeria, the country’s improving external reserve position may help stabilise the naira against sustained pressure.
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, driven by stronger oil earnings and higher foreign inflows.
The CBN Governor, Olayemi Cardoso, said ongoing monetary and foreign exchange reforms are aimed at boosting investor confidence and improving liquidity in the market.
The bank’s 2026 macroeconomic outlook also projects that Nigeria’s external reserves could rise further to about $51.04 billion, largely supported by improved oil revenues.