Naira sustains recovery momentum as official rate hits N1,354

The Nigerian naira continued its resilient performance on Monday, February 9, 2026, marking a market-wide appreciation against the U.S. dollar.

Data released by the Central Bank of Nigeria (CBN) confirmed that the local currency gained 0.88% at the official window, closing at ₦1,354.26/$ after trading as strongly as ₦1,352 during intraday sessions.

This sustained gain is increasingly viewed as a sign that the Central Bank's foreign exchange reforms are taking firm root. For the first time in recent years, the Apex Bank has transitioned from defending the currency to actively mopping up excess U.S. dollars from the market, a move aimed at further boosting external reserves and dampening speculative activity.

The positive sentiment has crossed over into the informal segment, where the naira gained several basis points to close at ₦1,426/$ in the parallel market.

This narrowing of the gap between the official and parallel rates suggests a restoration of confidence among traders and end-users alike.

Analysts point out that the recent stability is a direct result of improved dollar liquidity and the Apex Bank's strategic interventions, which have successfully curbed the volatility that previously plagued the foreign exchange market.

With the naira’s value stabilizing and fiscal receipts reaching historic highs, the government's capacity to manage the national debt and drive economic growth has seen a noticeable improvement.

Observers believe that if this synergy between monetary stability and fiscal liquidity continues, the Nigerian economy could be on the verge of a significant rebound in the 2026 fiscal year.