Naira Rebounds Against Dollar After Brief Dip as External Reserves Rise

|By Babatunji Wusu

The naira strengthened against the United States dollar at the official foreign exchange market on Tuesday, barely 24 hours after recording a depreciation.

Data from the Central Bank of Nigeria (CBN) showed that the local currency appreciated to N1,419.35 per dollar on Tuesday, improving from N1,420.28 recorded on Monday. This represents a day-on-day gain of 93 kobo at the official window.

At the parallel market, the naira remained unchanged, exchanging at N1,493 to the dollar on Tuesday, the same rate recorded the previous day.

The modest rebound comes amid a sustained increase in Nigeria’s external reserves, which climbed to $45.95 billion as of Tuesday, January 19, 2026, up from $45.90 billion recorded last Friday.

The appreciation follows Monday’s decline at the official foreign exchange market, underscoring the continued volatility in the naira’s performance despite improved reserve levels.