Naira Surges to 4-Week High: Powerful Gain to N1,345/$ Signals Renewed FX Stability -

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/$.

The latest gain signals a short-term boost in confidence around Nigeria’s currency amid a relatively stable trading session.

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.

READ ALSO: Naira Strengthens to N1,497/$: FX Inflows Boosts Reserve

Meanwhile, other major currencies showed mixed movements. The euro held steady at $1.1538 after recent gains, while the Japanese yen strengthened to 158.91 per dollar, reflecting heightened investor caution. The British pound also maintained stability at $1.3353.

The British pound held steady at $1.3353.

Attention now shifts to key policy decisions expected from major central banks. The Federal Reserve is set to announce its interest rate decision on Wednesday, alongside the European Central Bank, the Bank of England, and the Bank of Japan. Market expectations suggest that most of these institutions will hold rates steady, though any surprises could significantly impact global currency flows—including the naira.

For Nigeria, analysts say the naira’s recent strength may offer temporary relief, but sustained stability will depend on stronger inflows, improved reserves, and consistent monetary policy direction.