Prime Business Africa
By Nze Chidi Duru, OON
My concern over the transaction value of the Naira has begun to recede in recent time.
On 4th December, 2024, in an article entitled: “Economy Slipping into State of Doldrum: A Call for Urgent Revaluation of the Naira,” I remember calling on Nigeria’s class of wealthy business personalities, to actively collaborate with the Central Bank and the Federal government of Nigeria to ensure the resurgence of the Nigerian national currency through enhanced exports, reduced dependency on the dollars and revaluation of the Naira.
Things are now looking up for the Naira, apparently. Over the last four weeks, the Naira has demonstrated a remarkably impressive performance, reaching its strongest levels in two years. As of February 24, 2026, the currency has maintained a stable stance, trading in a narrowed corridor between ₦1,340 and ₦1,355 per dollar across both official and parallel markets. This stability marks a significant recovery from the high volatility seen in previous years, with the gap between market segments reaching its narrowest point in nearly a year.
Join our WhatsApp ChannelThe Naira’s sustained strength is attributed to several critical macroeconomic and policy factors:
A major factor in this regard is that Nigeria’s gross external reserves surged to $48.77 billion in February 2026, the highest level in eight years. This provides the Central Bank of Nigeria (CBN) with a robust buffer to intervene and maintain market stability.
This is in addition to the CBN’s shift toward “strict orthodoxy,” including sustained monetary tightening and transparent auction strategies, which effectively curbed speculative demand.
The introduction of a new framework allowing Bureau De Change (BDC) operators to purchase up to $150,000 weekly has decentralized dollar access and reduced the premium in the parallel market including the reassuring macroeconomic stability and moderated headline inflation at 15.10% in January 2026, down from over 34% a year prior, reducing domestic pressure on the exchange rate.
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Incredibly, I understand that the CBN had to play a contrarian role in the foreign exchange market by mopping up dollars so as to slow down the momentum of the appreciating Naira. This speaks to the effectiveness of the nation’s forex management template.
Whatever the case may be, it is obvious that the Naira is on an upward trajectory and should, thus, be supported to grow strong so as to reflect in cheaper prices of goods and services.
A stronger Naira will enhance not just our general transaction value but our stock market also.
For now, I join others to applaud the appreciating Naira.
Duru is the Chairman.of Grand Towers Limited.
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