Naira Hits Two-Year High Against Dollar Amid Rising Forex Reserves

|By Babatunji  Wusu

The Nigerian Naira surged to its strongest level in nearly two years against the United States Dollar on Tuesday, rallying in both official and parallel foreign exchange markets.

Data from the Central Bank of Nigeria (CBN) revealed that the Naira climbed to ₦1,335.96 per dollar at the official market, up from ₦1,347.78 on Monday, marking the highest rate since October 2024. This represents a daily gain of ₦11.82 per dollar.

At the parallel or black market, the Naira also strengthened sharply, closing at ₦1,490 per dollar, up from ₦1,400 on Monday, reflecting a ₦90 surge in just 24 hours.

Analysts link the currency’s appreciation to a steady rise in Nigeria’s foreign reserves, which climbed to $48.37 billion as of February 16, 2026, according to CBN figures. The development signals renewed confidence in the Naira and highlights the central bank’s interventions in stabilizing the foreign exchange market.

The latest uptick in the Naira could impact import costs, inflation, and investment flows, offering a positive outlook for businesses and consumers relying on the dollar for trade and transactions.