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The naira continued its upward trend on Monday, closing at N1,355 per U.S. dollar at the official foreign exchange market, improving from N1,363.5/$ on Friday.
Data from the Central Bank of Nigeria (CBN) shows the local currency has maintained steady gains in recent days, supported by stable market conditions and rising investor confidence.
Monday’s rate marked the strongest performance since February 23, 2026, when the naira closed at N1,353.5/$.
Earlier last week, the naira traded at N1,390.5/$ on Tuesday, N1,373.5/$ on Wednesday, N1,370/$ on Thursday, and N1,363.5/$ on Friday.
Intraday trading on Monday saw the currency fluctuate between N1,365.35/$ and N1,354/$.
Global developments also influenced market sentiment. Investors monitored movements in the U.S. dollar amid geopolitical tensions involving Iran, while the euro and the British pound declined slightly against the dollar.
The Australian dollar weakened ahead of a key interest rate decision by its central bank.
Nigeria’s strengthening external reserve position, according to the CBN, may help keep the naira stable due to persistent pressure.
Net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross external reserves reached $50.45 billion in February 2026, boosted by higher oil earnings and foreign inflows.
CBN Governor Olayemi Cardoso said ongoing monetary and foreign exchange reforms aim to enhance market liquidity and strengthen investor confidence.
The bank projects that external reserves could rise further to $51.04 billion in 2026, supported by improved oil revenues.
