The naira extended its gains against the United States dollar at the official foreign exchange market on Tuesday, continuing its recent appreciation.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to ₦1,351.02 per dollar on Tuesday, compared with ₦1,354.26 recorded the previous trading day. This represents a day-on-day gain of ₦3.24 for the naira.
The positive trend was also reflected in the parallel market, where the naira appreciated by ₦5 to trade at ₦1,450 per dollar, up from ₦1,455.
The development follows a directive from the apex bank instructing commercial banks to sell a maximum of $150,000 per week to licensed Bureau De Change (BDC) operators. The directive was contained in a notice signed by the Director of the Trade and Exchange Department of the CBN.
Meanwhile, Nigeria’s external reserves remained robust, standing at $47.03 billion as of February 6, 2026, according to data from the central bank.
