The naira recorded a strong rebound against the United States dollar at the official foreign exchange market on Tuesday, posting one of its biggest single-day gains in recent months.
Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated to N1,372.91 per dollar on Tuesday, up from N1,390.36 traded on Monday. This represents a day-on-day gain of N17.45.
Nigerian Newssphere reports that the latest appreciation ranks among the highest since October 2, 2024, when the apex bank introduced the Electronic Foreign Exchange Matching System to improve transparency and liquidity in the FX market.
The naira also strengthened at the parallel market, appreciating to about N1,460 per dollar on Tuesday from around N1,470 the previous day.
The gains recorded at both the official and black markets come amid an improvement in Nigeria’s external reserves, which rose to $46.59 billion as of February 2, 2026, from $46.28 billion at the end of January.
Recall that the naira had weakened against the dollar at the official market on Monday before staging the latest recovery.
