Nigerian Naira Hits Record High Against US Dollar, CBN Reports Sharp Rise in Remittances

The Nigerian Naira has surged to a record high of N1,372.91 against the US Dollar in the official foreign exchange market. This appreciation, without CBN intervention, signals a shift towards market-driven currency movements.

The Naira gained N17.45, appreciating by 1.3% from the previous day's close rate of N1,390.36. In the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened further, closing at N1,367 per Dollar.

Additionally, the Naira gained against the Pound and Euro. Foreign portfolio inflows into Nigeria, dominated by fixed income investors, reached nearly half of the total inflow during the period.

The CBN's external reserves, supporting the Naira's rise, stood at $46.59 billion as of February 2, 2026. The CBN Governor, Olayemi Cardoso, reported a sharp rise in remittances to Nigeria, growing by 200%, with monthly inflows reaching $200-600 million, projecting at least $1 billion by year-end, reflecting a significant improvement in Nigeria's foreign exchange profile.