The Nigerian naira recorded a strong rebound against the United States dollar on Monday, appreciating significantly in both the official and parallel foreign exchange markets.
According to figures released by the Central Bank of Nigeria (CBN), the naira strengthened to N1,347.78 per dollar at the official market. This represents an improvement from N1,355.42 per dollar recorded last Friday. The new rate shows that the local currency gained N7.64 within one trading session, signaling renewed stability after suffering losses toward the end of last week.
In the parallel market, commonly referred to as the black market, the naira also posted an impressive recovery. The currency appreciated by N40 to close at N1,400 per dollar on Monday, compared to N1,440 per dollar on Friday. The sharp gain in the unofficial market further reflects improved demand and supply dynamics in the foreign exchange space.
The appreciation comes after the naira experienced depreciation on Thursday and Friday last week, raising concerns about sustained volatility in the market. However, Monday’s performance indicates a possible turnaround and renewed investor confidence.
Meanwhile, Nigeria’s inflation rate has continued to ease. The latest data released by the National Bureau of Statistics (NBS) shows that inflation dropped to 15.10 percent in January 2026. The decline in inflation suggests that price pressures across the economy may be gradually moderating, which could further support currency stability.
In addition to the easing inflation rate, Nigeria’s external reserves have also recorded growth. The country’s foreign reserves rose to $47.81 billion as of February 12, 2026. The increase in reserves strengthens the CBN’s capacity to intervene in the foreign exchange market when necessary and maintain liquidity.
Overall, the naira’s strong appreciation across both markets, combined with improving inflation figures and rising external reserves, points to encouraging developments in Nigeria’s economic outlook.
Experts say Nigeria will hit below $1000 before the year runs out.
