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The naira appreciated against the United States dollar at the official foreign exchange market this week, closing stronger on Monday compared to levels recorded at the start of last week.

This is according to data from the Central Bank of Nigeria’s (CBN) website on Monday.

The CBN data shows the currency closed at N1,354.9 per dollar on Monday, improving from N1,384.5 per dollar recorded on the corresponding Monday of the previous week.

The movement comes ahead of the Central Bank of Nigeria’s 304th Monetary Policy Committee (MPC) meeting later in February, its first in 2026, as authorities seek to stabilise the foreign exchange market and manage inflationary pressures.

Official exchange rate data indicates that the naira experienced mixed but overall positive movements during the week under review.

Checks by Nairametrics reveal this is the currency’s best performance since it closed at N1,329.65/$ on May 29, 2024.

Despite the improvement at the official window, pressure remains visible across other segments of the foreign exchange market.

In the parallel market, the naira continued to trade significantly weaker than the official rate, reflecting persistent liquidity and demand challenges.

The widening gap underscores the challenges in fully aligning rates across market segments.

The disparity remains a key indicator watched by investors and policymakers as authorities continue efforts to improve transparency and liquidity in the foreign exchange market.

The recent movements in the naira come ahead of the Central Bank of Nigeria’s next Monetary Policy Committee meeting.

The decision reflected the apex bank’s continued restrictive monetary stance aimed at curbing inflation and stabilising the naira.

Earlier, at the 302nd MPC meeting in September 2025, the committee reduced the MPR by 50 basis points, from 27.5 percent to 27 percent.