₦airaland Forum

Naira Strengthens Below N1,350/$ for First Time Since May 2024 – The Business Bureau

The naira strengthened to N1,349.5 per US dollar on Tuesday, marking the first time it has traded below the N1,350/$ threshold since May 29, 2024.

Data from the official foreign exchange market shows the local currency appreciated from N1,354.9 per dollar recorded on Monday.

The latest gain is one of the major highlights in Nigeria News Today, reflecting sustained momentum in the official window amid rising external reserves and expectations ahead of the Central Bank of Nigeria’s upcoming Monetary Policy Committee (MPC) meeting.

In contrast, the parallel market rate remained weaker, underscoring mild but persistent pressure in the unofficial segment of the forex market.

The development signals ongoing efforts by monetary authorities to stabilise the naira and narrow the gap between official and street exchange rates.

Official Market Data Shows Stronger Naira

The naira closed at N1,349.5 per dollar in the official market on Tuesday, strengthening from N1,354.9 per dollar the previous day.

This represents the first time the currency has traded below the N1,350 mark since May 29, 2024, when it was quoted at N1,329.65 per dollar.

Meanwhile, the parallel market rate stood at N1,443.68 per dollar on Tuesday, slightly weaker than N1,443.40 per dollar recorded on Monday.

The improving reserve position and sustained gains in the official window point to stronger foreign exchange liquidity conditions.

Analysts Cite Improved Liquidity, Stronger Inflows

Market analysts attribute the recent appreciation to stronger foreign exchange inflows and improved investor confidence.

Dr. Joseph Mbada, an Abuja-based economist, noted that improved liquidity in the official foreign exchange market has played a key role.

“The strengthening of the naira below N1,350 per dollar indicates that supply conditions in the official window have improved significantly. This is largely a function of better inflows and tighter monetary conditions, which have helped moderate speculative demand,” he said.

Increased liquidity in the official window has helped ease volatility and support price stability.

Higher oil export earnings have boosted external reserves, while remittance inflows and portfolio investments have contributed to improved dollar supply.

The narrowing gap between official and parallel market rates also signals improved market alignment compared to previous months.

Stronger reserves provide the Central Bank of Nigeria with additional buffers to manage volatility and defend the currency when necessary.

Attention Turns to Upcoming MPC Meeting

The recent exchange rate movement comes ahead of the Central Bank of Nigeria’s 304th Monetary Policy Committee meeting scheduled for February 23–24, 2026.

Policymakers are expected to review inflation trends, liquidity conditions, and developments in the foreign exchange market.

At its November 2025 meeting, the MPC retained the Monetary Policy Rate (MPR) at 27 percent.

In September 2025, the committee reduced the rate by 50 basis points from 27.5 percent to 27 percent.

The current policy stance reflects a tight monetary approach aimed at curbing inflation and stabilising the naira.

The Business Bureau will continue to monitor currency movements and policy decisions as part of its coverage of financial markets in Nigeria News Today.

Source: The Business Bureau

I Love Bola Ahmed Tinubu

I just keep wondering what would have happened to our economy if we had taken Atiku and Peter Obi’s advice to follow the Argentina model. By now, Naira would have been completely worthless and our economy would have been in super depression. We really missed a bullet by voting against those two economic illiterates. In fact, every Nigerian should take some minutes out today to say a prayer of gratitude to president Bola Tinubu.

God bless our president tinubu 2027 is sure for you by God grace..

It will still drop more. The government said they have not printed any naira note since inception. Some experts say it should be around 1200 by now

seunmsg:
I just keep wondering what would have happened to our economy if we had taken Atiku and Peter Obi’s advice to follow the Argentina model. By now, Naira would have been completely worthless and our economy would have been in super depression. We really missed a bullet by voting against those two economic illiterates. In fact, every Nigerian should take some minutes out today to say a prayer of gratitude to president Bola Tinubu.

Lol. Is our economy not in depression? What was the dollar rate when he took over. I know you will say the naira was being defended but that's the job of the Central Bank and Tinubu is currently doing so. We have also incurred more debt now than under Buhari. Yet, Buhari was defending the naira and paying electricity and fuel subsidies. Where's the money going to? Here is Umahi accusing Wale Edun of failing to release money to his ministry. Several ministers have also been coming out in the past few days to tell us their ministries are underfunded. Meanwhile, we are still implementing 3 budgets concurrently. Propaganda will never take us anywhere.

Dave Umahi claims Wale Edun is not releasing money to them, which is why abandoned projects are everywhere but the President is unaware.

Me: They can't call his attention on FEC Meeting?

pic.twitter.com/EbRBSCkxo5

— Mal. Imran U. Wakili (PULLO) 👑 #iSTANDWITHELRUFAI (@IU_Wakilii) February 11, 2026

seunmsg:
I just keep wondering what would have happened to our economy if we had taken Atiku and Peter Obi’s advice to follow the Argentina model. By now, Naira would have been completely worthless and our economy would have been in super depression. We really missed a bullet by voting against those two economic illiterates.

In fact, every Nigerian should take some minutes out today to say a prayer of gratitude to president Bola Tinubu.

What sane Nigerian 🇳🇬 would say a prayer for the worst rogue in history?

The man who saved $84 billion from subsidy removal and borrowed $3.3 billion SPV loan from Afreximbank to defend the Naira, but has failed to achieve his short term goal of N300/$1? The SPV loan is secured with future oil revenues and facilitated by Elumelu’s UBA at a scandalous 11.85% interest rate.

Tinubu told us he stopped borrowing after hitting his higher revenue target in August, meanwhile the propagandist liar is borrowing more than PDP presidents who gave us cheap petrol and better life all round.

What is the punishment under shariah laws for such a useless and corrupt leader looter

lawani:
It will still drop more. The government said they have not printed any naira note since inception. Some experts say it should be around 1200 by now

In fact CBN is now a net buyer of forex. Basically, dollar inflow is now so significantly high that CBN is now mopping up dollar supply from the market. That is, CBN is no longer intervening in the market to defend the Naira, they are now buying up excess forex liquidity to ensure Naira maintains the current exchange rate.

So as it is, the Naira is under priced and once the CBN feels the time is good, they will further strengthen the naira. For now, stability is the goal.

lawani:
It will still drop more. The government said they have not printed any naira note since inception.

Some experts say it should be around 1200 by now

How far is N1,200 from N300/$1, which was Tinubu’s short term goal when he hit the ground running 33 months ago?

How far is N1,200 from his May 2027 target of N200/$1

At least if Tinubu’s 2011 expired old soldier failed to deliver his promised change in exchange rate for eight years of cluelessness, the Lagos tax reformer and renewed hope architect should not be a failure also.

seunmsg:
In fact CBN is now a net buyer of forex. Basically, dollar inflow is now so significantly high that CBN is now mopping up dollar supply from the market. That is, CBN is no longer intervening in the market to defend the Naira, they are now buying up excess forex liquidity to ensure Naira maintains the current exchange rate.

So as it is, the Naira is under priced and once the CBN feels the time is good, they will further strengthen the naira. For now, stability is the goal.

People fail to realize it is the reckless printing of the naira that causes inflation and naira devaluation.

How it started with APC

lawani:
People fail to realize it is the reckless printing of the naira that causes inflation and naira devaluation.

Another product of propaganda and misinformation.

seunmsg:
In fact CBN is now a net buyer of forex. Basically, dollar inflow is now so significantly high that CBN is now mopping up dollar supply from the market. That is, CBN is no longer intervening in the market to defend the Naira, they are now buying up excess forex liquidity to ensure Naira maintains the current exchange rate.

So as it is, the Naira is under priced and once the CBN feels the time is good, they will further strengthen the naira. For now, stability is the goal.

Ẹnu opurọ kii ṣe ẹjẹ, otherwise you would be bleeding 🩸 from your mouth and your fingers as well as every other part of your body.

Editorialtimes:
CBN Approves $150,000 Weekly FX Access for BDCs to Stabilise Market – The Business Bureau



Source: The Business Bureau

anonimi:
How far is N1,200 from N300/$1, which was Tinubu’s short term goal when he hit the ground running 33 months ago?

How far is N1,200 from his May 2027 target of N200/$1

At least if Tinubu’s 2011 expired old soldier failed to deliver his promised change in exchange rate for eight years of cluelessness, the Lagos tax reformer and renewed hope architect should not be a failure also.

Buhari printed too much naira and to get 300 to a dollar then you have to remove majority of naira in circulation from circulation. Prices will drop like a rock. There is no point in doing that. Just stop printing recklessly, increase wages and leave the market to self heal and correct

AMINDA:
Lol. Is our economy not in depression? What was the dollar rate when he took over. I know you will say the naira was being defended but that's the job of the Central Bank and Tinubu is currently doing so. We have also incurred more debt now than under Buhari. Yet, Buhari was defending the naira and paying electricity and fuel subsidies. Where's the money going to? Here is Umahi accusing Wale Edun of failing to release money to his ministry. Several ministers have also been coming out in the past few days to tell us their ministries are underfunded. Meanwhile, we are still implementing 3 budgets concurrently. Propaganda will never take us anywhere.

Dave Umahi claims Wale Edun is not releasing money to them, which is why abandoned projects are everywhere but the President is unaware.

Me: They can't call his attention on FEC Meeting?

pic.twitter.com/EbRBSCkxo5

— Mal. Imran U. Wakili (PULLO) 👑 #iSTANDWITHELRUFAI (@IU_Wakilii) February 11, 2026

Learn to appreciate good developments.

The exchange rate was being subsidized before Tinubu came on board. The rates you refered to before this regime were fake rates based on subsidy. Did you hear of any exchange rate improvements since 1999? Have you ever read any news of the Naira strongly improving against the dollar as is the case currently?

The current reforms are paying off and a new trajectory is already on our economic horizon. Commend the thinking caps that made this happen.

Argentina is in deep economic shit, yet your ignorant Atiku and Obi asked us to take Argentina as an economic role model.

Yes. But at March-April, same year, just a few month or weeks before, it was 1000 thereabouts
I remember clearly.
Very Stylish reporting. Disgusting.

Anyways, in need of connects, USD sellers, very large volumes, large Large Volumes. Decent allowable, profitable Margins.
Two Buyers holding off for a long long while now, want to start their consolidated Projects. As appreciation as happened.
Sure, serious direct, actual sellers only, no jokers or playarounds.

Morenikeji090:
God bless our president tinubu 2027 is sure for you by God grace..

He literally said we shouldn't vote for him if he doesn't provide 24/7 electricity.

Morenikeji090:
God bless our president tinubu 2027 is sure for you by God grace..

how much was it when he came in? O sorry I realized that I’m talking to a poor individual that never had an idea

lawani:
Buhari printed too much naira and to get 300 to a dollar then you have to remove majority of naira in circulation from circulation. Prices will drop like a rock.

There is no point in doing that. Just stop printing recklessly, increase wages and leave the market to self heal and correct

What do you gain from confirming that Tinubu is a clueless and incompetent politician who says what he has absolutely no intention of doing

A man of zero integrity just like his predecessor who was Abacha’s PTF collaborator!!!

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

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Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

FxMasterz:
Learn to appreciate good developments.

The exchange rate was being subsided before Tinubu came on board. The rates you refered to before this regime were fake rates based on subsidy. Did you hear of any exchange rate improvements since 1999? Have you ever read any news of the Naira strongly improving against the dollar as is the case currently?

The current reforms are paying off and a new trajectory is already on our economic horizon. Commend the thinking caps that made this happen.

Argentina is in deep economic shit, yet your ignorant Atiku and Obi asked us to take Argentina as an economic role model.

It's sad, unfortunate, and highly concerning that you managed to drag Obi's name into this.

Defend your inept government and stop running helter skelter.

So the forex wasn't subsidized when APC was promising to reduce it from $1/N126 abi?

Naira slide or dollar slide? Habba Nairaland. English language is now a major problem. Moderator correct the headline

FxMasterz:
Learn to appreciate good developments.

The exchange rate was being subsidized before Tinubu came on board. The rates you refered to before this regime were fake rates based on subsidy. Did you hear of any exchange rate improvements since 1999? Have you ever read any news of the Naira strongly improving against the dollar as is the case currently?

The current reforms are paying off and a new trajectory is already on our economic horizon. Commend the thinking caps that made this happen.

Argentina is in deep economic shit, yet your ignorant Atiku and Obi asked us to take Argentina as an economic role model.

If the exchange rate is no longer subsidised, and petrol is also no longer being subsidised, then why is Tinubu borrowing more than PDP presidents

Can you please make it make sense.



https://www.youtube.com/watch?v=Bn29b0SkCWU?si=qYcwQOUqLW7XR6SB

PlasmaTV:
He literally said we shouldn't vote for him if he doesn't provide 24/7 electricity.

Chill , he has only spent 2 years, 8 months. While are you in haste or you don't understand arithmetic?

seunmsg:
I just keep wondering what would have happened to our economy if we had taken Atiku and Peter Obi’s advice to follow the Argentina model. By now, Naira would have been completely worthless and our economy would have been in super depression. We really missed a bullet by voting against those two economic illiterates. In fact, every Nigerian should take some minutes out today to say a prayer of gratitude to president Bola Tinubu.

Shallow conclusion...but I'm not surprised.

anonimi:
What do you gain from confirming that Tinubu is a clueless and incompetent politician who says what he has absolutely no intention of doing

A man of zero integrity just like his predecessor who was Abacha’s PTF collaborator!!!


>>>
>>>

Maybe they just explained how things work to him. Buhari too promised to make one naira equal to one dollar. Such statements show they don't understand how the CBN work.

Dollar isn't doing well so Naira should be strong.... Not just Naira, some other currencies are stronger these days.

Hoping this strengthened state would rub off on inflation going down.

PlasmaTV:
It's sad, unfortunate, and highly concerning that you managed to drag Obi's name into this.

Defend your inept government and stop running helter skelter.

So the forex wasn't subsidized when APC was promising to reduce it from $1/N126 abi?

You should bring us the proofs of current forex subsidies. Otherwise, rest.

Are you Obi's fool? I am not anybody's fool, therefore I can criticize anyone whenever they're wrong. I mentioned both Atiku and Obi, but you're crying because I mentioned Obi. Did I lie against him? Was he not wrong indeed? If you'll be any anybody's fool, be a fool of some better men.

Weak country, weak currency,weak president and weak people.

anonimi:
If the exchange rate is no longer subsidised, and petrol is also no longer being subsidised, then why is Tinubu borrowing more than PDP presidents

Can you please make it make sense.



https://www.youtube.com/watch?v=Bn29b0SkCWU?si=qYcwQOUqLW7XR6SB

Find out what Nigeria's population was during the PDP days vs the current population. Find out how many projects the PDP era embarked on vs the current government that has over 4,000 projects in less than 2yrs. Then, examine whether the PDP met a vault as empty as what Buhari left for Tinubu.

GreaterFuture:
Anyways, if there is anyone out there, who has connect, USD sellers, very large volumes, large Large Volumes.
Tow buyers holding off now wants to start their consolidated Projects.
Sure, serious direct, Actual sellers only, no jokers or play arounds.

How much are you looking at and at what rate & timeline?