The Naira strengthened against the United States dollar on Monday, closing at N1,356/$ at the official market.

Data from the Central Bank of Nigeria’s (CBN) website shows that the currency appreciated from N1,365.4/$ recorded on Friday to N1,356/$ on Monday.

The latest appreciation marks the naira’s best closing rate since April 23, 2026, when it settled at N1,355/$.

The strengthening also comes amidst the steady rise in foreign reserves in recent weeks.

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What the data is saying

According to the CBN data, the naira appreciated by N9.4 against the dollar compared to Friday’s close.

  • Intraday trading ranged between N1,354.5/$ and N1,360/$.
  • The simple average exchange rate for the session stood at N1,356.53/$.
  • Nigeria’s external reserves stood at $50.51 billion as of June 11, 2026.

The stronger performance comes as the official foreign exchange market continues to benefit from improved liquidity and policy reforms aimed at enhancing transparency and investor confidence.

The naira’s recent performance comes against the backdrop of ongoing monetary and foreign exchange reforms by the Central Bank of Nigeria.

  • Earlier in February 2026, Nigeria’s external reserves rose to $50.45 billion, the highest level in over a decade.

The CBN attributed the increase to improved foreign exchange inflows and policy reforms aimed at boosting market liquidity.

More insights

The naira’s appreciation coincided with a weaker U.S. dollar in international markets following reports of a peace agreement aimed at ending the Middle East conflict.

  • The U.S. Dollar Index traded around 99.66, remaining near 10-day lows.
  • The euro hovered close to a recent high at $1.159.
  • Sterling traded at about $1.3413.

Global investors shifted focus to monetary policy decisions by the Bank of Japan and the Reserve Bank of Australia.

Analysts say easing geopolitical tensions have improved global risk appetite, reducing demand for safe-haven assets such as the U.S. dollar and providing support for emerging market currencies, Reuters reported.

Context

The naira has recorded a period of relative stability in recent weeks, supported by ongoing foreign exchange reforms and stronger external buffers.

The CBN has implemented measures to improve market transparency and liquidity.

  • Rising foreign reserves have strengthened the country’s capacity to support the foreign exchange market.
  • Improved investor confidence has contributed to reduced volatility in the official market.

Stable exchange rate conditions are expected to support business planning and moderate imported inflation.

What you should know

The Central Bank of Nigeria (CBN) had earlier projected a positive outlook for the country’s external reserves despite recent declines.

  • Theapex bank expects reserves to rise to $51.04 billion in 2026 from $45.01 billion in 2025.
  • Nairametrics earlier reported that Nigeria’s external reserves declined by about $731 million within the first three weeks of April 2026.