Naira Hits 9-Month High Amid Improved Forex Supply
The Nigerian naira has appreciated to a nine-month high, closing at 1,337 per dollar in the official foreign exchange market, a gain of 1.344 from the previous day. This marks the naira's strongest performance since May 29, 2024, when it settled at 1,329.65 per dollar.
The parallel market also showed improvement, with the naira trading at 1,382.5 per dollar, down from 1,393.35. Analysts attribute this strengthening to enhanced dollar liquidity, calmer speculative activities, and moderated demand pressures.
Factors contributing to this positive trend include increased oil receipts and remittance inflows, as well as tighter liquidity controls by the Central Bank of Nigeria (CBN). CBN Governor Olayemi Cardoso has reiterated the bank's commitment to exchange rate stability and broader monetary discipline.
The upcoming 304th Monetary Policy Committee (MPC) meeting scheduled for February 23-24, 2026, is expected to influence short-term currency liquidity conditions.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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