Naira Strengthens Against Euro to N1,577 on February 19

As of February 19, 2026, the Naira has extended its gains against the Euro, closing at N1,577 per Euro, marking a 6.4% appreciation since January 2, 2026. This strengthening is attributed to sustained demand and improved foreign exchange liquidity, as reported by the Central Bank of Nigeria (CBN).

However, the parallel market rates remain elevated, trading between N1,640 and N1,680 in Lagos. The Naira's recent performance suggests it may approach overbought territory, indicating a potential correction back towards the N1,600 range.

The CBN has been actively managing foreign exchange, successfully suppressing demand in the short term, while Nigeria's gross external reserves have increased to $48.37 billion by mid-February 2026. The CBN collected $2.8 billion in the first few weeks of 2026, significantly boosting the country’s external buffer.

The rise in oil prices above $74 per barrel has also improved dollar inflows, further supporting the Naira.