The naira extended its recovery on Tuesday as dollar supply improved.
According to the Central Bank of Nigeria, it closed at ₦1,337/$.
Stronger Naira Official Close
This compares with Monday’s rate of ₦1,344/$.
As a result, the currency recorded its strongest close since May 29, 2024.
On that day, it settled at ₦1,329.65 per dollar.
Parallel Market Gains
Meanwhile, the parallel market also showed clear gains.
Traders exchanged the naira at ₦1,382.5/$.
A day earlier, they traded it at ₦1,393.35/$.
Therefore, the figures point to stronger dollar supply and calmer sentiment.
In addition, traders adjusted positions in response to global signals.
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Global And Policy Signals
At the same time, the US dollar held steady across major markets.
Investors monitored geopolitical developments and policy guidance closely.
For instance, talks between the United States and Iran reduced tensions.
Similarly, negotiations involving Ukraine and Russia lifted risk appetite.
Consequently, investors now await Federal Reserve signals and US GDP data.
Such updates often direct capital flows into emerging markets like Nigeria.
At home, policymakers continue to prioritise stability.
The Bank will hold its 304th MPC meeting on February 23–24, 2026.
Previously, policymakers retained the MPR at 27% in November 2025.
Earlier in September 2025, they cut it by 50 basis points.
They also narrowed the asymmetric corridor around the benchmark rate.
Overall, the latest appreciation signals short-term stability in the FX market.
