CBN Updates Naira Exchange Rate, Naira Strengthens Against British Pound and Euro

The Central Bank of Nigeria (CBN) has updated the Naira exchange rates against the British Pound and Euro, with the Naira showing strength. The Naira appreciated against the Pound Sterling to N14.16 from N1,863.43 the previous day and gained N13.73 against the Euro to close at N1,606.03 compared to N1,619.76.

In the parallel market, the Naira gained N5 against the Dollar to trade between N1,450 and N1,455. Abdullahi, a Bureau De Change (BDC) operator, attributed the Naira's gain to sustained foreign exchange inflow as investors seek opportunities in Nigeria's emerging market.

The CBN's external reserves stood at $46.59 billion on February 4, 2026, supporting the local currency. CardinalStone Partners forecast a potential trade range of N1,350 to N1,450 per Dollar, indicating an improved market liquidity and moderate inflation.

The report expresses cautious optimism, highlighting potential risks such as declining global oil prices and domestic security challenges.