Having gained against the United States dollar on Monday, its best performance in several months, the naira opened the week on a firmer basis at the official foreign exchange market.
Data released by the Central Bank of Nigeria show the local currency closed at N1,354.9 per dollar, up from N1,384.5 on the same day last week. The action notes the naira’s best performance since late May 2024 and represents a gain of almost N30 over the past week.
With market participants watching policy cues ahead of the Central Bank’s 304th Monetary Policy Committee meeting set for later in February, The News Chronicle understands that the renewed strength is arriving at a delicate moment. Broader attempts to stabilize the economy include expected authorities reviewing foreign exchange stability and inflation trends.
While the official market recorded gains, the parallel market, where the naira traded at approximately N1,443.4 per dollar, remained under pressure. The almost N90 gap between the two markets reflects ongoing liquidity constraints and unmet demand beyond the official window.
Even if recent official market gains indicate slow progress, analysts argue the divergence still poses a major issue for legislators. A clearer direction on the Central Bank’s next steps to control inflation and maintain exchange rate stability should emerge from the MPC meeting on February 23 and 24, 2026.
