Nigerian Naira Strengthens as External Reserves Hit 8-Year High

The Nigerian Naira has appreciated against the US Dollar, with the exchange rate at N1,351.02 per dollar, representing a 0.2% gain. The parallel market also saw gains, closing at N1,440 per dollar.

Analysts attribute the Naira's positive momentum to the Central Bank of Nigeria's consistent reform agenda and stronger forex liquidity. The country's external reserves have climbed to $47.02 billion as of February 6, 2026, marking the highest level since August 2, 2018.

The CBN projects further growth in reserves to $51.04 billion by the end of the year, supported by higher oil earnings and ongoing market reforms. Additionally, the CBN has approved 150,000 licenses for Bureau De Change operators to enhance currency market liquidity.

Notably, remittances to Nigeria have surged by 200% in the past two months. Governor Olayemi Cardoso highlighted the country's improving foreign exchange position, with increased investments from Delta State in Brazil.