The Nigerian naira appreciated to its strongest level in almost two years against the United States dollar across both the official and parallel foreign exchange markets on Tuesday.
Data released by the Central Bank of Nigeria showed that the local currency strengthened further to N1,335.96 per dollar on Tuesday, compared to N1,347.78 recorded on Monday. The figure marks the naira’s highest level since October 2024.
This represents a day-on-day gain of N11.82 at the official foreign exchange market.
At the parallel market, commonly referred to as the black market, the Naira also recorded significant appreciation, gaining N10 to close at N1,490 per dollar on Tuesday, up from N1,500 traded the previous day.
The appreciation comes amid a steady increase in Nigeria’s foreign reserves, which rose to $48.37 billion as of February 16, 2026, according to data from the apex bank.
Recall that Nigerian Newsphere had earlier reported that the Naira rebounded strongly against the Dollar at the start of the week.
