Naira Strengthens in February 2026, Closes at N1,368.5/$

The Naira closed February 2026 at N1,368.5 to the dollar, reflecting a month-on-month appreciation despite late-month volatility. The Central Bank of Nigeria (CBN) reported that the Naira opened the week at N1,353.5 but depreciated steadily throughout the week, ultimately closing at N1,368.5 on Friday.

This performance indicates a gradual improvement compared to the previous month. Central Bank Governor Olayemi Cardoso confirmed that Nigeria's reserves reached $50.45 billion as of February 16, 2026, marking a significant increase from approximately $44.8 billion in late December 2025, which is considered a six-year high.

The monetary policy adjustments and stronger foreign reserves have provided a cushion against prolonged exchange rate pressures. Additionally, headline inflation has declined for the eleventh consecutive month to 15.1% in January 2026, showing a notable improvement compared to 27.61% in January 2025, reflecting significant moderation in overall price growth across the country.