Nigerian Naira Strengthens to N1,351/$ on Increased Dollar Supply, Forex Market Stability

The Nigerian Naira appreciated to N1,351 against the US Dollar in the foreign exchange market, attributed to improved dollar supply from foreign portfolio investors and domestic market participants. The Naira had a steady upward movement, closing at N1,351.02 per dollar on February 10, 2026.

The official market rate showed a consistent moderate increase, reflecting better liquidity and regulatory stability. The parallel market also observed a positive trend, closing at N1,447 per dollar.

Analysts noted that the Naira's recent performance across official and parallel markets has been supported by improved dollar supply and stable liquidity conditions. Reports from AIICO Capital and Cowry Asset Management indicated a relatively steady Naira performance in the parallel market.

The Central Bank of Nigeria's release of a foreign exchange reserve figure of $66 million further strengthened the country's foreign exchange position, driven by strong domestic demand for foreign currency amidst global economic uncertainties.