The naira continued its market rise on Monday, hitting N1,355/$ at the official foreign exchange market, after closing at N1,363.5/$ on Friday.
The development indicates that the currency has maintained a recovery trend over the past week, according to data from the Central Bank of Nigeria (CBN).
Supported by relatively stable market conditions, Monday’s performance also places the naira at its strongest level since February 23, 2026, when it closed at N1,353.5/$.
CBN’s market trend showed that on Tuesday, it strengthened to N1,390.5/$, and by Wednesday, it appreciated further to N1,373.5/$.
While the naira continued its upward movement, closing at N1,370/$ on Thursday, it advanced to N1,363.5/$, and on Monday, it extended the rally to N1,355/$.
Intraday trading ranged between N1,365.35/$ and N1,354/$, indicating relatively stable activity throughout the session.
External factors such as the U.S dollar, which traded mixed on Tuesday, influenced the naira. Investors monitored geopolitical tensions involving Iran and assessed potential implications for global energy flows.
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In early Asian trading, currency movements were subdued, with the Euro dropping by 0.12 per cent to $1.1492.
Reflecting cautious market sentiment, Sterling declined 0.1 per cent to $1.33, while the dollar index remained largely unchanged at 99.913.
In Australia, the dollar eased slightly ahead of an anticipated interest rate decision by the country’s central bank, contributing to broader market uncertainty.
The CBN says the country’s improving external reserve position could help cushion the naira against prolonged pressure, as net foreign exchange reserves rose to $34.80 billion at the end of 2025.
The country’s gross external reserves climbed to $50.45 billion as of February 2026, supported by stronger oil earnings and increased foreign inflows.
This is as the governor of the apex bank, Olayemi Cardoso, said ongoing monetary and foreign-exchange reforms are aimed at strengthening market confidence and improving liquidity.
According to projections contained in the CBN’s 2026 Macroeconomic Outlook for Nigeria, the country’s external reserves could rise further to $51.04 billion in 2026, supported largely by higher oil revenues.
