Market News

The naira Tuesday appreciated to N1,345/$ at the official foreign exchange market, the strongest level for the naira since February 18, 2026, when the currency closed at N1,340/$. 

According to data published on the Central Bank of Nigeria (CBN) website, the currency traded within a relatively stable range during the session.

It traded between N1,340/$ and N1,355/$ during intraday trading, with the simple average exchange rate standing at N1,344.55/$.

External reserves remain a key indicator of the country’s capacity to support the naira. Nigeria’s external reserves recorded a slight decline during the period, with gross external reserves falling to $49.86 billion. This represents a drop from the $50.45 billion recorded in February.

On the global market, the U.S. dollar index stood at 99.56 after a two-day decline. The dollar had earlier reached a 10-month high as investors sought safe-haven assets amid escalating tensions in the Middle East, now in its third week.

While the euro traded largely flat at $1.1538 after recent gains, Japanese yen strengthened to 158.91 per dollar, reflecting renewed investor caution.

The British pound held steady at $1.3353.

The U.S. Federal Reserve is expected to announce its policy decision on Wednesday.

The European Central Bank, Bank of England, and Bank of Japan are also set to announce policy decisions, as markets expect most central banks to hold interest rates steady.