Naira strengthens to N1,355 per greenback

The naira sustained its upward trajectory on Monday, appreciating to N1,355/$ on the official international change market, in comparison with N1,363.5/$ recorded on Friday.

Information from the Central Bank of Nigeria signifies that the native foreign money has maintained a gentle restoration development in current days, supported by comparatively steady market circumstances, Channels studies.

Monday’s acquire marks the naira’s strongest efficiency since February 23, 2026, when it closed at N1,353.5/$.

Market figures present that the foreign money appreciated to N1,390.5/$ on Tuesday earlier than strengthening additional to N1,373.5/$ on Wednesday.

It continued the constructive development on Thursday at N1,370/$ and improved to N1,363.5/$ by Friday, earlier than extending the rally on Monday.

Throughout Monday’s buying and selling session, the naira fluctuated between N1,365.35/$ and N1,354/$, reflecting comparatively steady intraday exercise.

International elements additionally formed market sentiment, as traders tracked actions within the U.S. greenback alongside geopolitical tensions involving Iran and their potential affect on world power markets.

In early Asian buying and selling, the euro slipped by 0.12 per cent to $1.1492, whereas the British pound declined by 0.1 per cent to $1.33.

The greenback index, nonetheless, remained largely unchanged at 99.913.

The Australian greenback additionally weakened barely forward of a key rate of interest determination by the nation’s central financial institution, including to cautious sentiment in world markets.

The apex financial institution famous that Nigeria’s bettering exterior reserve place may assist stabilise the naira in opposition to sustained stress.

Internet international change reserves rose to $34.80 billion on the finish of 2025, whereas gross exterior reserves elevated to $50.45 billion as of February 2026, pushed by stronger oil earnings and better international inflows.

The CBN Governor, Olayemi Cardoso, mentioned ongoing financial and international change reforms are aimed toward boosting investor confidence and enhancing market liquidity.

In response to projections within the financial institution’s 2026 macroeconomic outlook, Nigeria’s exterior reserves may rise additional to $51.04 billion, largely supported by improved oil revenues.