The Nigerian currency continued its consolidation against the U.S. dollar, sustaining a steady appreciation trend that has defined much of 2026 so far.
At the official window, the Naira gained about 0.3 per cent in early trading, strengthening to N1,346.6/$ before closing around N1,348/$.
The movement reflects ongoing downward pressure on the dollar pair and signals continued support for the local currency after it briefly touched N1,389/$ earlier this month.
Since January, the Naira has appreciated significantly from levels around N1,440/$, marking one of its strongest quarterly performances in recent years.
Market analysts attribute the currency’s rebound primarily to improved foreign exchange liquidity, persistent interventions by the Central Bank of Nigeria (CBN), and stronger external buffers supported by stable crude oil prices.
Nigeria’s foreign reserves are now approaching $48 billion, according to market estimates, enhancing the CBN’s ability to defend the currency against speculative pressure.
Despite the official market gains, the dollar continues to trade at a slight premium in the parallel market, particularly in commercial centres such as Lagos and Abuja.
For many small businesses and individuals requiring quick access to foreign currency, the black market remains a critical channel.
However, analysts note that recent monetary reforms and enhanced liquidity have prevented excessive divergence between both markets, signalling improved policy coordination.