Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion

 By Queen Madaki

The naira recorded a modest appreciation at the official foreign exchange market in mid-week trading, extending a gradual recovery trend amid improving sentiment around Nigeria’s macroeconomic outlook.

According to official data published on the website of the Central Bank of Nigeria (CBN), the local currency strengthened at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

At the official market, the naira closed at N1,359 per dollar on Wednesday, improving from N1,367/$ on Tuesday and N1,384.5/$ on Monday.

However, in the parallel market, the currency recorded a mild depreciation, trading at N1,453.13/$ on Wednesday compared with N1,445.00/$ on Tuesday.

The spread between the official and parallel market rates narrowed to N94, down from N96 recorded a week earlier, indicating gradual convergence between both market segments.

External Reserves Provide Support

Nigeria’s external reserves stood at $46.59 billion as of February 2, 2026, according to CBN data. The reserve position continues to provide short-term intervention capacity and support exchange rate stability.

Analysts say the strengthening at the official window reflects improved dollar liquidity, sustained foreign reserve levels, tighter monetary policy, and renewed investor confidence.

The latest figures suggest easing pressure on the local currency, as narrowing rate differentials point to better liquidity conditions and strengthening confidence in ongoing foreign exchange reforms.

Recent Volatility and Recovery

Last week, the naira traded at N1,394/$ at the official market, reflecting persistent volatility within the foreign exchange space.

This week’s close at N1,359/$ represents a notable appreciation, reinforcing signs of gradual stability in official market pricing.

2026 Outlook

Investment firm CardinalStone projected that the naira could trade within a band of N1,350 to N1,450 per dollar in 2026.

The projection is anchored on expectations of stronger capital inflows, moderated import demand, and sustained monetary discipline.

Investor sentiment also received support after S&P Global Ratings reaffirmed Nigeria’s sovereign credit rating at B-, maintaining a positive outlook and citing improvements in fiscal coordination and external balances.

The Business Bureau reports that while the appreciation remains modest, the consistent improvement at the official window signals cautious optimism for the naira under Nigeria News Today.