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