The Nigerian naira staged a notable rebound against the United States dollar at the parallel market on Thursday, posting its strongest performance in several months, even as it continued to soften at the official foreign exchange window.
A Bureau De Change operator, Abubakar Hassan, reported on Friday that the naira closed at N1,317 per dollar on Thursday at the black market, up from N1,350 per dollar recorded on Wednesday. The movement represents a day-to-day gain of N33 for the local currency.
Hassan attributed the rally to a combination of reduced demand for foreign currency and recent interventions by the Central Bank of Nigeria (CBN). “The naira strengthened to its highest level in the black market in months. I believe this is due to low patronage and recent CBN intervention,” he explained.
In contrast, the official foreign exchange market told a different story. The naira weakened for the second consecutive session, depreciating by N3.25 on Thursday to close at N1,341.35 per dollar, down from N1,338.12 on Wednesday. Over the two sessions, the currency has lost a cumulative N5.38 at the official window.
The disparity between the parallel and official markets highlights ongoing volatility in Nigeria’s currency market, reflecting differing supply-demand dynamics across the two trading channels.
Meanwhile, Nigeria’s external reserves remained stable at $48.50 billion as of February 17, 2026, according to data released by the apex bank. Analysts suggest that the reserve position, combined with central bank interventions, may continue to influence currency movements in both the official and parallel markets in the coming weeks.
The developments follow Wednesday’s trading session, which saw mixed outcomes across Nigeria’s foreign exchange markets, signaling continued uncertainty for investors and businesses reliant on dollar liquidity.