Naira Hits Near Two-Year High Against Dollar as Official Rate Strengthens to ₦1,336/$ Amid Market Optimism

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The Nigerian Naira continued its impressive rally against the US Dollar, reaching one of its strongest official rates in nearly two years amid improved forex supply and positive market sentiment.

According to Central Bank of Nigeria (CBN) data and cross-referenced mid-market rates, the official exchange rate in the Nigerian Autonomous Foreign Exchange Market (NAFEM) settled around ₦1,336 per USD on February 18, up from ₦1,348 the previous session. This represents a daily gain of over ₦10 for the Naira, extending a trend of appreciation that has seen the currency strengthen by roughly 5–10% in recent weeks.

The latest CBN figures (updated through February 17) show a central rate near ₦1,335.96, with buying at ₦1,334.96 and selling at ₦1,335.96. Independent platforms like Xe report mid-market levels between ₦1,342–1,346 early on February 18, confirming the upward momentum.

Analysts attribute the Naira’s gains to sustained forex inflows, tighter monetary policy, and reduced speculative pressure. This marks the Naira’s best performance since October 2024, alleviating some pressure on import costs and inflation expectations.

However, the parallel (black) market tells a different story. Bureau De Change operators in Lagos and other major cities report the dollar buying at approximately ₦1,480–1,490 and selling between ₦1,495–1,510. While the black market also showed slight Naira strength (narrowing from prior highs), the arbitrage gap remains wide, driven by unmet retail demand.

Economic observers note that while official stability is welcome, convergence between windows will be key for broader confidence. The CBN’s ongoing interventions and potential policy tweaks could further support the trend.

For Nigerians, the stronger Naira offers relief on dollar-denominated expenses, though black market users face premiums. Market participants are watching for any new CBN announcements that could influence the trajectory.

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