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The Naira appreciated to N1,337 per dollar at the official foreign exchange market on Tuesday, up from N1,344 recorded on Monday.
This is according to data from the Central Bank of Nigeria’s (CBN) website on Tuesday.
The latest figures show the naira posting its strongest official closing rate since May 29, 2024, when it settled at N1,329.65 per dollar.
The appreciation comes amid improved dollar liquidity, parallel market gains, and shifting global geopolitical and monetary policy signals that continue to shape emerging market currencies.
What the data is saying
The naira strengthened in both the official and parallel foreign exchange markets on Tuesday, reflecting improved supply conditions and calmer investor sentiment. Data released by the Central Bank of Nigeria confirms the currency closed at N1,337 per dollar, extending its gradual recovery trend.
The official market rate improved from N1,344 per dollar on Monday to N1,337 per dollar on Tuesday.
This marks the strongest official close since May 29, 2024, when the currency traded at N1,329.65 per dollar.
In the parallel market, the naira traded at N1,382.5 per dollar, compared to N1,393.35 per dollar a day earlier.
The data suggests renewed short-term stability in the FX market, supported by better dollar supply dynamics and speculative repositioning by traders.
More Insights
Global market developments also influenced currency movements, as the U.S. dollar held steady amid geopolitical signals and monetary policy expectations. Investors are closely watching policy guidance from the Federal Reserve for clarity on potential interest rate cuts this year.
Diplomatic discussions between Iran and the United States helped ease some geopolitical tensions.
Ongoing negotiations involving Ukraine and Russia supported improved global risk appetite.
The dollar index remained broadly unchanged after recent gains against major currencies.
Investors are awaiting minutes from the Federal Open Market Committee and upcoming U.S. GDP data for clearer economic direction.
Such global shifts typically affect capital flows into emerging markets, influencing exchange rate performance in countries like Nigeria.
What you should know
Yesterday, Governor of the CBN, Olayemi Cardoso, said Nigeria is playing a pivotal role in advancing Africa’s single currency agenda.
Last week, CBN announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday and Tuesday, February 23 and 24, 2026.
At its last MPC meeting in November 2025, the CBN retained the Monetary Policy Rate at 27 percent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange market.
Earlier, at its 302nd MPC meeting in September 2025, the committee reduced the MPR by 50 basis points, lowering it from 27.5 percent to 27 percent.
The MPC also adjusted the asymmetric corridor around the MPR to +250/-250 basis points, narrowing it from the previous +500/-100 range.
