Naira ends February at N1,368.5/$ amid reserve boost

The naira closed February 2026 at N1,368.5/$ in the official market, up from N1,384.5/$ at month start. Despite late-month volatility, the currency strengthened month-on-month from January's N1,391/$ close. Central Bank reserves hit $50.45 billion — Nigeria's highest in 13 years — supporting the naira's firmer position. The CBN cut the Monetary Policy Rate by 50 basis points to 26.5% in February, contributing to stability. Reserves rose from $46.59 billion in January to $50.45 billion by February 16, marking the first time reserves exceeded $47 billion in eight years. This rebuilding phase began in late December 2025, when reserves increased from $44.8 billion to $45 billion. The naira's performance shows gradual improvement compared to January's N1,431/$ opening and N1,391/$ closing rates.

SOURCE: https://nairametrics.com/2026/03/02/naira-closes-february-stronger-month-on-month-at-n1368-5/