The naira extended its rally on Tuesday, February 10, appreciating to N1,349.5 against the United States, US, dollar in the official market — its first dip below the N1,350 mark since May 29, 2024.
Figures from the official foreign exchange window indicate the local currency strengthened from N1,354.9 per dollar recorded on Monday, February 9, signaling continued upward momentum.
Market analysts attribute the rebound to improving external reserves and growing anticipation surrounding the Central Bank of Nigeria’s forthcoming Monetary Policy Committee meeting.
The sustained performance in the official segment reflects firmer liquidity conditions and renewed confidence among market participants.
However, activity in the parallel market painted a different picture, with the naira trading weaker in the unofficial segment. The gap between both markets, though narrower than in previous months, still points to lingering demand pressures outside the formal window.
At the close of trading on Tuesday, the currency settled at N1,349.5 per dollar in the official market, up from N1,354.9 per dollar the previous day. The last time the naira traded below N1,350 was on May 29, 2024, when it exchanged at N1,329.65 per dollar.
Meanwhile, the parallel market rate was quoted at N1,443.68 per dollar on Tuesday, slightly weaker than N1,443.40 per dollar recorded on Monday.
The latest movement highlights ongoing efforts to stabilise the currency and gradually reduce the disparity between official and street exchange rates, supported by stronger reserve levels and improved foreign exchange inflows.
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