Naira extends rally to N1,355/$, strongest in four weeks

The naira continued its upward momentum on Monday, appreciating to N1,355/$ at the official foreign exchange market, according to Central Bank of Nigeria (CBN) data.

The latest figure reflects an improvement from N1,363.5/$ recorded on Friday, indicating sustained gains in recent trading sessions.

The movement shows that the currency has maintained a recovery trend over the past week, supported by relatively stable market conditions.

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Monday’s performance also places the naira at its strongest level since February 23, 2026, when it closed at N1,353.5/$.

The current rally contrasts sharply with the previous week’s Monday close of N1,425/$, which represented the currency’s weakest level since January 12, 2026.

The development highlights the extent of the rebound following early-month volatility.

**What the data is saying **

CBN trading data shows that the naira closed at N1,355/$ on Monday, marking continued appreciation in the official market.

Intraday trading ranged between N1,365.35/$ and N1,354/$, indicating relatively stable activity throughout the session.

The currency recorded steady gains over the past week, reflecting a consistent appreciation trend in the official market:

• On Tuesday, it strengthened to N1,390.5/$.
• By Wednesday, it appreciated further to N1,373.5/$.
• On Thursday, the naira continued its upward movement, closing at N1,370/$.
• On Friday, it advanced to N1,363.5/$.
• On Monday, it extended the rally to N1,355/$.

The sequential gains highlight sustained momentum in the currency’s recent recovery.

**More insights **

External factors continue to influence broader currency movements across global markets.

• The U.S. dollar traded mixed on Tuesday as investors monitored geopolitical tensions involving Iran and assessed potential implications for global energy flows.
• In early Asian trading, currency movements were subdued:
• The euro fell 0.12 per cent to $1.1492.
• Sterling declined 0.1 per cent to $1.33.
• The dollar index remained largely unchanged at 99.913, reflecting cautious market sentiment.
• In Australia, the dollar eased slightly ahead of an anticipated interest rate decision by the country’s central bank, contributing to broader market uncertainty.

**What you should know **

The Central Bank of Nigeria says the country’s improving external reserve position could help cushion the naira against prolonged pressure.

• According to the apex bank, Nigeria’s net foreign exchange reserves rose to $34.80 billion at the end of 2025, reflecting improved external liquidity.
• The country’s gross external reserves climbed to $50.45 billion as of February 2026, supported by stronger oil earnings and increased foreign inflows.
• The governor of the central bank, Olayemi Cardoso, said ongoing monetary and foreign-exchange reforms are aimed at strengthening market confidence and improving liquidity.
• According to projections contained in the Central Bank of Nigeria 2026 Macroeconomic Outlook for Nigeria, the country’s external reserves could rise further to $51.04 billion in 2026, supported largely by higher oil revenues.

The naira’s sustained appreciation signals short-term strength in the official foreign exchange market and suggests improving stability in recent sessions.

If the current momentum continues, the currency could test stronger levels in the near term, particularly if liquidity conditions remain supportive.