The Nigerian Naira appreciated against the US Dollar at the official market, strengthening to N1,401.40 per dollar after three weeks of continuous decline
The Nigerian Naira gained against the United States Dollar at the official foreign exchange market on Tuesday, marking its first rise in three weeks.
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Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,401.40 per dollar, down from N1,405.62 on Monday — a daily gain of N4.2.
The last official appreciation occurred on February 17, 2026, when the Naira was N1,335.96 per dollar. Since then, the currency had been on a depreciation trend.
At the black market, the Naira remained stable at N1,420 per dollar, unchanged from Monday.
The gain coincides with declining global crude oil prices.
Brent and West Texas Intermediate (WTI) crude fell below $90 per barrel for the first time since the Iran–United States–Israel war began on February 28, 2026.
As a result, Dangote Refinery reduced its gantry petrol price to N1,075 per litre, after three previous hikes.
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Nigeria’s external reserves stood at $49.94 billion as of March 6, according to the Central Bank of Nigeria.
