The Nigerian naira has continued its upward trend, hitting N1,355 per dollar at the official foreign exchange market on Monday, its strongest level since February 23, 2026.
This marks a significant recovery for the currency, which closed at N1,363.5 per dollar on Friday.
According to data from the Central Bank of Nigeria (CBN), the naira’s performance is attributed to relatively stable market conditions and improved external reserves, which rose to $34.80 billion at the end of 2025.
The country’s gross external reserves also climbed to $50.45 billion as of February 2026, supported by stronger oil earnings and increased foreign inflows.
The CBN’s ongoing monetary and foreign-exchange reforms aim to strengthen market confidence and improve liquidity.
The apex bank projects that the country’s external reserves could rise further to $51.04 billion in 2026, largely supported by higher oil revenues.
