In an update published by BusinessDay, the Nigerian Naira surged to a two-year high, closing at N1,347.78 per dollar in the official foreign exchange market. This appreciation has significantly narrowed the gap between the official rate and the black market, which saw the currency trade at approximately N1,380. The rally follows a series of strategic directives from the Central Bank of Nigeria aimed at streamlining the retail segment of the FX market.
The apex bank is currently finalizing new trading guidelines that will allow licensed Bureau De Change (BDC) operators to purchase foreign exchange directly from authorized dealer banks at market rates. This move is expected to deepen liquidity and eliminate the volatility that has historically plagued the informal currency market. Analysts suggest that the convergence of rates is a primary indicator of returning investor confidence.
Nairametrics confirms this momentum, highlighting that “the naira gap narrows further as BDCs await dollar supply.” Additionally, The Champion Newspaper validates the report, quoting experts who state that “growing foreign reserves marks a turnaround for Nigeria’s economy” and supports the current Naira trajectory.
Echotitbits take: The unification of the exchange rate is almost complete. For businesses, this means predictability is back. However, the next challenge is maintaining this liquidity without depleting the foreign reserves, which have recently crossed the $45 billion mark. Expect the CBN to tighten its oversight on BDC compliance this week.
Source: BusinessDay – https://businessday.ng/business-economy/article/nairas-street-gap-narrows-further-as-bdcs-ready-for-dollar-supply/, February 17, 2026
Photo credit: BusinessDay
