Nigerian Naira Strengthens with modest gains vs US dollar as CBN liquidity support and stable oil prices underpin market stability

The Nigerian naira opened the trading week on a firmer note, recording a modest appreciation against the United States dollar on Monday, 23 February 2026, supported by Central Bank of Nigeria interventions and improved foreign exchange liquidity.

Also read: Nigerian Naira Gains Against US Dollar Amid CBN Reforms

At the official window of the Nigerian Foreign Exchange Market, the naira opened at ₦1,339.18 per dollar, up from Sunday’s closing rate of ₦1,343.36.

Intraday trading saw the currency touch ₦1,342.98 before firming again, signalling a controlled yet positive price discovery process.

The official mean rate for February currently stands at ₦1,346.32, highlighting Monday’s early strength relative to the monthly average.

In the parallel market, the dollar traded at a slight premium, with rates between ₦1,355 and ₦1,362.

Analysts noted that the gap between official and informal windows remains narrow, reflecting improved liquidity and reduced speculative pressures that previously drove higher premiums.

Several factors are supporting the naira’s stability.

Steady foreign exchange supply from the CBN to Bureau De Change operators and authorised dealers has absorbed excess retail demand.

Nigeria’s elevated interest rate environment, with the Monetary Policy Rate at 27.00%, continues to attract carry-trade inflows. Additionally, inflation eased to 15.10% in January 2026, contributing to stronger currency sentiment.

Market analysts project the naira is likely to trade between ₦1,335 and ₦1,350 at the official window through the week, assuming stable global oil prices and steady domestic crude production.

Also read: Nigerian Naira Falls After Week of Gains

While the outlook is cautiously positive, experts caution that external shocks or shifts in oil market dynamics could quickly affect near-term currency trends.