Naira Weakens Against US Dollar, Spot Rate Settles at N1,366
The naira weakened against the US dollar at the official window on Thursday, depreciating by ₦7.77 to close at ₦1,366.05/US$ compared with ₦1,358.28/US$ previously reported by the Central Bank.
The exchange rate came under slight pressure as requisition for international payments eclipsed dollar volume at the supply side, slightly reversing the recent trend.
Based on data from the CBN, Fx largely traded within the low and high bands of ₦1,361.80/US$ and ₦1,380.00/US$ respectively, in the absence of currency intervention.
Broadstreet expects the Naira to continue trading in line with prevailing market demand and supply dynamics, supported by an improving external reserves position.
Foreign reserves were last reported at US$46.80 billion as of 04 February 2026, representing a significant increase of US$106.24 million on the day.
The nation’s gross external reserves have maintained an upward trend since the start of the year, supported by inflows from across key sources – including hydrocarbon sales, remittances, and offshore portfolio investors converting dollars to naira for financial market placements.
Anchoria Securities expects the current level to remain firm in the near term, supported by stronger foreign inflows driven by higher oil receipts, improved FPI participation, and consistent CBN FX management. Seplat, MTN Nigeria Drive NGX Rally, Investors Gain N1.27trn
