Naira strengthens to N1,359/$ official, falls to N1,453/$ in parallel market

The naira recorded a modest appreciation on the official overseas trade market in mid-week buying and selling, extending a gradual restoration development amid enhancing sentiment round Nigeria’s macroeconomic outlook.

That is in response to official market information from the Central Bank of Nigeria’s (CBN) web site.

The strengthening displays elevated stability in official market pricing, supported by sustained overseas reserve ranges, coverage tightening, and renewed investor confidence pushed by latest credit standing actions.

The improved efficiency on the official market suggests easing stress on the native forex, as narrowing price differentials level to higher greenback liquidity and stronger confidence in overseas trade reforms.

What the information is saying

Mid-week buying and selling information point out that the naira strengthened on the official market whereas additionally recording a light depreciation within the parallel market. The actions replicate short-term stability in trade price dynamics and gradual convergence between market segments.

• On the official overseas trade market, the naira closed at N1,359 per greenback on Wednesday, enhancing from N1,367/$ on Tuesday and N1,384.5/$ on Monday.
• Within the parallel market, the forex traded at N1,453.13/$ on Wednesday, in contrast with N1,445.00/$ on Tuesday.
• The unfold between the official and parallel market charges narrowed to N94, down from N96 per week earlier.

Nigeria’s exterior reserves stood at $46.59 billion as of February 2, 2026, offering assist for trade price stability and short-term market intervention capability.

General, the information recommend a modest however constant enchancment in trade price situations, underpinned by coverage self-discipline and improved confidence within the overseas trade framework.

Flashback 

BusinessTimes beforehand reported that the forex traded at N1,394/$1 on the official market final Wednesday, reflecting lingering weak point and volatility within the overseas trade market.

This week’s closure at N1,359/$ represents a notable appreciation, signalling enhancing stability in official market pricing and a gradual strengthening of investor confidence amid ongoing overseas trade reforms.

What you must know 

CardinalStone projected that the naira might commerce inside a spread of N1,350 to N1,450 per greenback over the course of the yr.

• The projection is anchored on expectations of stronger capital inflows, moderated import demand, and sustained financial self-discipline.
• These elements, if realised, might assist stabilise overseas trade provide and cut back speculative pressures on the naira.
• Investor sentiment acquired an further enhance after S&P International Rankings reaffirmed Nigeria’s sovereign credit standing at B-, whereas sustaining a constructive outlook.
• The rankings company cited cautious optimism about Nigeria’s financial restoration, alongside enhancements in exterior balances, fiscal efficiency, and financial coverage coordination.

For the overseas trade market, sustained reforms and reserve adequacy stay central to sustaining stability.

As Nigeria strikes by way of 2026, the naira’s efficiency is predicted to stay intently tied to capital flows, reserve administration, and the credibility of ongoing macroeconomic reforms, with the most recent appreciation providing cautious optimism for higher stability forward.