The Nigerian Naira experienced a slight setback in the official foreign exchange market on Thursday, depreciating by ₦7.77 to close at ₦1,366.05/US$.
This marginal decline from the previous close of ₦1,358.28 highlights persistent pressure from international payment demands, which temporarily outweighed available dollar supply.
Data from the Central Bank of Nigeria (CBN) indicated that trading fluctuated between a low of ₦1,361.80 and a high of ₦1,380.00.
Market analysts at Broadstreet suggest that while the currency remains subject to demand-supply dynamics, the overall outlook is bolstered by the nation’s strengthening external reserves.
As of February 4, 2026, gross foreign reserves rose to US46.80 billion, marking a daily increase of over US106 million.
This upward trajectory in reserves is attributed to steady inflows from hydrocarbon sales, increased remittances, and a renewed interest from offshore portfolio investors.
Anchoria Securities expects the current reserve levels to remain firm, providing the CBN with sufficient ammunition to manage future volatility and support the Naira as foreign capital participation improves.