Extending a slow recovery propelled by rising confidence in Nigeria’s economic forecast, the naira gained value at the official foreign currency market throughout midweek trading.
According to data from the Central Bank of Nigeria, the currency closed at N1,359 to the dollar on Wednesday, up from N1,367 on Tuesday and N1,384.5 at the beginning of the week.
With constant external reserves, a tighter monetary policy, and renewed investor interest following recent credit rating decisions, the performance points to firmer pricing at the official window.
With enhanced dollar liquidity and increasing trust in ongoing foreign exchange reforms helping to stabilise official rates, The News Chronicle reported that market participants view the most recent movement as a signal that stress on the naira is being relieved.
Conversely, the parallel market recorded a minor depreciation, with the naira trading at roughly N1,453 per dollar on Wednesday, compared with N1,445 the day before. Still, the difference between official and street prices narrowed somewhat to N94, therefore confirming indications of slow convergence.
As of February 2, 2026, Nigeria’s external reserves—totalling $46.59 billion—offered a temporary stability buffer. Analysts argue that the limited appreciation reflects policy discipline and cautious optimism; they predict that ongoing reforms, further capital inflows, and prudent reserve management may help stabilise the naira over the next several months.
