Naira appreciated sharply to N1,340 per dollar at the parallel segment of the foreign exchange market on Friday, February 20, 2026, marking its strongest performance in nearly two years, according to market data.
Gatekeepers News reports that the development represents a 1.12 percent gain from the N1,355/$ recorded on February 19, extending the local currency’s positive run in recent days. The latest rate is the naira’s best showing since April 2024, when it traded within the N1,300/$ region.
Currency traders said the naira has sustained steady appreciation throughout the week, strengthening to N1,385/$ on February 16, N1,380/$ on February 17, and N1,365/$ on February 18, before settling at N1,340/$ on Friday.
At the official market, also known as the Nigerian Foreign Exchange Market (NFEM), the naira slightly weakened by 0.37 percent to N1,346.32 per dollar, compared with N1,341.35/$ recorded the previous day.
Analysts attribute the currency’s improved performance to stronger foreign exchange inflows, rising external reserves, and ongoing reforms by the Central Bank of Nigeria (CBN). Nigeria’s external reserves climbed to $48.5 billion on February 17, the highest level in about 13 years, boosting market confidence.
Earlier this month, CBN Governor Olayemi Cardoso said the apex bank would do whatever it takes to defend the naira and stabilise the foreign exchange market, while business leaders including Femi Otedola and Aliko Dangote expressed optimism that the currency could strengthen further before the end of the year.
