Naira extends rally, gains at official, parallel markets as CBN tightens FX sales

The naira continued its upward trajectory against the United States dollar on Tuesday, appreciating at both the official foreign exchange window and the parallel market amid sustained policy measures by the Central Bank of Nigeria (CBN).

Data published by the CBN showed that the naira strengthened to N1,351.02 per dollar on Tuesday, compared to N1,354.26 recorded the previous trading day. This represents a day-on-day gain of N3.24 at the official market.

The local currency also posted gains in the parallel market, commonly referred to as the black market, where it appreciated by N5 to trade at N1,450 per dollar, up from N1,455 on Monday.

The continued appreciation comes as the CBN issued a fresh directive aimed at improving liquidity and stability in the foreign exchange market.

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In a notice signed by the Director of the Trade and Exchange Department, the apex bank instructed deposit money banks to sell a maximum of $150,000 per week to each licensed Bureau De Change (BDC) operator.

Market analysts say the move is designed to enhance dollar supply to the retail segment of the market while curbing speculative pressures.

Meanwhile, Nigeria’s external reserves remained robust, standing at $47.03 billion as of February 6, 2026, according to official data. The strong reserve position is seen as providing the CBN with additional buffer to support the naira and meet foreign exchange obligations.

The combination of improved reserves and targeted FX interventions appears to be reinforcing investor confidence, contributing to the naira’s sustained recovery in recent trading sessions.