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

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

Nairaland Forum › Nairaland General › Business › Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion (5851 Views)

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Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Editorialtimes(op): 1:00pm On Feb 05

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.

Source: The Business Bureau

12 Likes 1 Share

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by callmetade: 1:31pm On Feb 05

I dey follow am too,.. cooool cool

5 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by AMINDA: 2:05pm On Feb 05

Indeed. Are we back to the days of parallel markets?

7 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by 9jatriot(m): 2:12pm On Feb 05

All these due to market forces. Nice one

2 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by fineboynl(m): 2:20pm On Feb 05*

It has nothing to do with naira appreciation.
It is the dollar that is falling. Dollar even fell more than what you are calling appreciation

Price of things remain

7 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Igbophobia: 2:43pm On Feb 05*

This is the type of news APC likes deceiving you people with while their henchmen on ground are cutting wide swats in tears and blood all over the country. Those 200 Kwarans murdered would be needing a lot of FX I suppose. What's catastrophic about you Africans is you never demand accountability. So not even those who slaughtered them would account. They've already moved on to their next target knowing you'll be fixated on Naira and Kobo. In any case, would the country make any sense to any of you and your leaders if there isn't free crude oil and free natural gas oil to steal? Everything boils down to greed.

14 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by adamkkk: 5:09pm On Feb 05

Nawa o this is good news on paper and we know this only favours few individuals... Citizens won't feel that impact at all.

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by givedemwotowoto: 5:09pm On Feb 05*

Observe their propaganda pattern:

If naira is at 1,400 today against the dollar, they will celebrate.

If it depreciates to 1,500 tomorrow, they keep quiet.

if it comes down to 1,450 day after tomorrow - they celebrate the same naira they celebrated previously at 1,400

So even though it came down from 1,500 to 1,450, remember it was previously at 1,400 which means it got worse in reality, but they're trying to make you think it's getting better.

This is what we call propaganda. They want you to think there is progress when in fact, things are getting worse.

13 Likes 1 Share

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by omoredia: 5:09pm On Feb 05

All this na distraction from their planned terrorists attacks

1 Like

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by omoredia: 5:10pm On Feb 05

Ok na people for kwara mortuary go enjoy this one? Deceivers and vampires

6 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Sugarboyy(m): 5:10pm On Feb 05

Those false Eastern prophets and Onitsha market economists that said the dollar will get to 2000 in 2026, hope BP hasn't killed them?
Before the end of 2026, I foresee the US dollars getting to 1,100 - 1,200 or even less and our foreign reserves getting to ₦50b

9 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Thundafireseun: 5:10pm On Feb 05

omoredia:
All this na distraction from their planned terrorists attacks

Learn to Appreciate good things so good things can happen to you and your family members

6 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by nairalanda1(m): 5:11pm On Feb 05

For those of you rejoicing

46 billion looks like a lot,but for a nation our size we should have fifty times that.

Nigeria should stop deceiving ourselves with oyel money. We got a long way to go

6 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by kolafolabi(m): 5:11pm On Feb 05

The naira’s appreciation at the official window shows that policy consistency is finally beginning to matter. Improved dollar liquidity, steady reserves, tighter monetary conditions, and clearer FX rules are doing what they’re supposed to do, reducing panic and restoring a bit of confidence.

5 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by donself9: 5:12pm On Feb 05

They said they have floated the naira rite !

who is making up for the gap between the parallel and official market rate cheesy

8 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Sugarboyy(m): 5:12pm On Feb 05

fineboynl:
It has nothing to do with naira appreciation.
It ass the dollar that is falling. Dollor even fall more than what you are calling appreciation

Price of things remain

But how come the South Africa Rand is falling against the US dollars?

4 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Thundafireseun: 5:12pm On Feb 05

fineboynl:
It has nothing to do with naira appreciation.
It ass the dollar that is falling. Dollor even fall more than what you are calling appreciation

Price of things remain

Dollar is appreciating against Gold and other currencies

3 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by omoredia: 5:12pm On Feb 05

Thundafireseun:
Learn to Appreciate good things so good things can happen to you and your family members

Appreciate what they didnt themselves to loot fx and to keep looting? Ur mindset cannot be saved.

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by LegendHero(m): 5:12pm On Feb 05

It should come down to 1000, we can do it

4 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by DMCA: 5:13pm On Feb 05

Tinubu until 2031 cool

Dike-Si-Mba 1 of Anambra cool

Jagaban Borgu cool

4 Likes 1 Share

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by LegendHero(m): 5:13pm On Feb 05

donself9:
They said they have floated the naira rite !

who is making up for the gap between the parallel and official market rate

Their own premium on it.

There will always be gaps, but it should not just be widened.

Below is what my LemFi is showing today N1420.

So far CBN is not selling to BDC and banks have it at their disposal, no cause for alarm. CBN should just ensure the gap is not being widened as we have now

3 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by iwaeda: 5:13pm On Feb 05

How much did we used to defend. Taxes on everything. Clearing of vehicles at the expenses of poorer Nigerians. grin

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by allthingsgood: 5:13pm On Feb 05

fineboynl:
It has nothing to do with naira appreciation.
It ass the dollar that is falling. Dollor even fall more than what you are calling appreciation

Price of things remain

SMH
Na badbelle de worry una

2 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by ERockson: 5:14pm On Feb 05

This government will be the best government in the last 30 years. Write it down

3 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Sugarboyy(m): 5:16pm On Feb 05

adamkkk:
Nawa o this is good news on paper and we know this only favours few individuals... Citizens won't feel that impact at all.

If you are the type whose parents doesn't purchase things for, you will know that the naira gaining against the US dollars affects the economy positively in all ramifications.
Let me educate you a little
A car bought at $5000 last year at the rate of #1,500 to a dollar is equivalent to #7,500,000.
That same car bought at the rate of #1,350 to a dollar is now equivalent to #6,750,000. What does it mean? It means you are now saving #750k. Is that not a good news?

7 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Willy2025: 5:18pm On Feb 05

PBAT is gradually taking us to the promised land to the disappointment of the enemies of progress championing the cause of retrogression. Let's be sincere to ourselves, can PO or Atiku achieve this monumental success within this shortest time?

2 Likes 1 Share

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by BangaRice: 5:21pm On Feb 05

Cc Ajoray Intdecor. By force shipper wen dey charge 1460.

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by Bluntemperor: 5:23pm On Feb 05

9jatriot:
All these due to market forces. Nice one

Very Commendable Federal and CBN Efforts 👏👍.
I Strongly believe that, Naira To A Dollar should Not be above N8 per a $ Dollar because Nigeria has what it takes - Resources Wiseto make the Naira Competitive and Woo Investors Confidence in Our DEMOCRACY.
Besides,If We can have all the Basic Amenities •like good Roads 🛣️,
•Regular Light 🕯️ 🚨
•Primary health Care Facilities/ Hospital 🏥 in our Local Govts,
•Employments for our Youths,
• Social Amenities in our Society,
• Housing Projects for the Masses, Naira Values will Jump up.
-It not a bad deal 🤝 at all!

2 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by oshkoach: 5:26pm On Feb 05

We should not celebrate official rate because we all know we can’t access dollar at the official rate.

Parallel market is what we should concentrate on.

Nigerians have been reduced to beggars.

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by PDPdestroyer(m): 5:29pm On Feb 05

This Tinubu will make Nigeria better against the wishes of we Obidients. I can’t take it anymore, ending it all 😭

3 Likes

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by bewla(m): 5:32pm On Feb 05

No one will speak for baba if he does something good

Re: Naira Appreciates To ₦1,359/$ At Official Market As Reserves Hit $46.59 Billion by bewla(m): 5:34pm On Feb 05

PDPdestroyer:
This Tinubu will make Nigeria better against the wishes of we Obidients. I can’t take it anymore, ending it all 😭

wait till the end

We won't say it just for you to see it and accept you did not c it coming

1 Like

1 2 Reply

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