The naira strengthened to N1,345 per dollar at Nigeria’s official foreign exchange market on Tuesday, marking its strongest level since February 18, 2026, when it closed at N1,340/$.
Data from the Central Bank of Nigeria (CBN) showed the naira traded within a stable range during the session, fluctuating between N1,340/$ and N1,355/$. The simple average exchange rate stood at N1,344.55/$.
Despite the currency’s gain, Nigeria’s external reserves saw a slight decline, with gross reserves dropping to $49.86 billion from $50.45 billion in February. External reserves remain a key indicator of the country’s ability to support the naira.
Globally, the U.S. dollar index was at 99.56 following a two-day decline. The dollar had earlier reached a 10-month high as investors sought safe-haven assets amid escalating tensions in the Middle East, now entering its third week.
Other major currencies traded largely flat. The euro held at $1.1538, the Japanese yen strengthened to 158.91 per dollar, and the British pound was steady at $1.3353.
Markets are also focused on upcoming central bank policy decisions. The U.S. Federal Reserve is set to announce its policy move on Wednesday, alongside the European Central Bank, Bank of England, and Bank of Japan, with most expected to hold interest rates steady.
