Nigeria’s currency, the naira, continued its downward trend against the United States dollar at the official foreign exchange market, raising fresh concerns about exchange rate stability despite ongoing interventions by the Central Bank of Nigeria (CBN).
According to the latest data released by the CBN, the naira depreciated to ₦1,355.37 per dollar on Tuesday, compared to ₦1,349.24 recorded on Monday. This represents a day-to-day loss of ₦6.13 against the US currency.
At the parallel market, also known as the black market, the naira remained unchanged at ₦1,370 per dollar, maintaining the same rate recorded the previous day.
The continued depreciation comes despite recent efforts by the Central Bank to stabilize the foreign exchange market. President Bola Ahmed Tinubu confirmed during an event at the Presidential Villa in Abuja that the apex bank intervened by mopping up excess dollars from the market to support the naira.
Meanwhile, CBN Governor Olayemi Cardoso disclosed that Nigeria’s gross external reserves have risen to $50.45 billion as of February 16, 2026 — the highest level recorded in 13 years. The increase in reserves is expected to strengthen the country’s foreign exchange capacity and help stabilize the currency over time.
However, despite the improved reserve position and monetary policy measures, the naira has continued to face pressure across both official and parallel markets.
Economic analysts say the naira’s performance in the coming weeks will largely depend on sustained foreign exchange inflows, investor confidence, and continued Central Bank interventions aimed at reducing volatility in the currency market.
