Naira Gains Modestly in February 2026, Closes at N1,368.5/$

In February 2026, the Nigerian Naira saw a modest gain, closing at N1,368.5/$, up from an opening rate of N1,384.5. The Central Bank of Nigeria (CBN) reported that the currency faced renewed pressure but maintained a firmer position compared to January, where it opened at N1,431 and closed at N1,391.

The Naira's performance reflects a gradual recovery, driven by a significant increase in Nigeria's external reserves, which climbed to approximately $50 billion by the end of February, up from $46.59 billion at the beginning of the month. CBN Governor Olayemi Cardoso confirmed that reserves reached $50.45 billion on February 16, 2026, marking the highest level in 13 years.

Analysts, including Dr. Bismarck Oladipo and Aisha Bello, noted that while the Naira's performance indicates improved fundamentals, caution is warranted due to external risks and potential volatility in the financial markets.