Naira Retraces as External Reserves Hit 2009 High
Halting a 2-week downtrend, the naira appreciated at the official market on Tuesday, trading at N1,401.40 per dollar, according to data published by the Central Bank of Nigeria (CBN).
Data on the CBN’s official website showed the naira gained N4.22 against the dollar at the Nigerian Autonomous Foreign Exchange Market.
The marginal recovery reflected improved demand and supply dynamics at the official window after recent volatility in the foreign exchange market.
The gain represents a 0.3 per cent appreciation compared with Monday’s closing rate of N1,405.62 to the dollar at the same market. Market analysts said the improvement signalled a brief respite for the naira after days of sustained pressure.
“The naira showed mild recovery on Tuesday after opening the week on a weaker note,” a currency trader familiar with the market said. The local currency had recorded a two-week decline before the latest rebound at the official window.
On Monday, the naira depreciated by 0.8 per cent, opening the trading week on a negative note. Analysts noted that movements in the official market continue to reflect liquidity levels and monetary authorities’ interventions.
They added that sustained stability would depend on increased foreign exchange inflows and improved investor confidence in the market.
Foreign Reserves
Nigeria’s gross external reserves surged to approximately $50 billion, marking a significant increase of $4.441 billion from $45.502 billion posted at the end of 2025, according to data from the Central Bank.
At the current level of $49.9 billion, the nation’s gross reserves are the highest since January 2009, when the Central Bank reported a total of $50.5 billion.
This remarkable growth in Nigeria’s foreign reserves is the result of sharp reductions in oil import payments and robust increases in foreign exchange receipts, analysts said.
Recently, the Central Bank confirmed that Nigeria’s gross foreign reserves now exceed $50 billion. It’s important to note that the figure announced by authorities exceeds the record on its website, highlighting a reporting lag in data capture.
Specifically, the CBN governor, Yemi Cardoso, announced in a public statement that the nation’s gross external reserves stood at $50.45 billion as of February 16, 2026. NNPC Secures Approval for $20b FID Bonga Deepwater Project
