Naira at N1,364/$1 as CBN defends rate

The Nigerian Naira strengthened to N1,364 per dollar in the official market last week. The Central Bank of Nigeria (CBN) has become more aggressive, selling dollars directly to authorized dealers to prevent the rate from falling toward January's N1,450/$ level. This week's outlook remains cautiously bullish. The Naira is expected to settle between N1,350/$1 and N1,420/$1 by week's end, though it faces arbitrage pressure. While the Naira gained about 2% over the past week, it still trades at N1,440/$1 to buy and N1,450/$1–1,460/$1 on the black market. The currency has strengthened 4.24% over the past month and 9.15% over 12 months, moving away from late 2024's N1,717/$ highs. The CBN maintains high interest rates to absorb excess liquidity, but demand for imports keeps pressure on the Naira. The 'Dangote Effect' reduced petroleum import demand through the Dangote Refinery's output. The NAFEM window's dollar supply will determine if the official rate catches up to the parallel market. Companies' weekly forex commitments may cause minor depreciation unless major reserve inflows occur. The Naira is strong early 2026 due to external inflows and policy adjustments.

SOURCE: https://nairametrics.com/2026/02/09/naira-weekly-view-forecast-points-to-n1350-n1420-range/