Reporting by BusinessDay indicates that the exchange rate gap between the official and parallel markets has narrowed to a mere 0.29 percent. This significant convergence comes as speculators began offloading their dollar holdings in anticipation of increased foreign exchange liquidity from the government’s newly announced “Revenue Optimisation Platform.”
The narrowing gap is being hailed as a victory for the Central Bank of Nigeria’s (CBN) “B’Odogwu” automated FX system, which has reportedly improved transparency and reduced the influence of black-market operators. Market participants are now observing a “willing buyer, willing seller” environment that is closer to true market equilibrium than has been seen in years.
The Punch corroborated these findings, noting that “the Naira’s stability is frustrating currency hoarders who expected a devaluation.”
ThisDay also weighed in on the trend, quoting a Lagos-based forex trader: “The demand for dollars is cooling off because the official windows are now more accessible and predictable.”
Daily Post quoted a financial analyst who said, “This 0.29% gap is a milestone for the CBN’s efforts to unify the exchange rate and restore trust in the local currency.”
Echotitbits take:
A unified exchange rate is the “holy grail” of Nigerian monetary policy. If the CBN can maintain this narrow gap, it will likely trigger a surge in Foreign Direct Investment (FDI) as the risk of currency volatility diminishes. Watch the CBN’s next Monetary Policy Committee (MPC) meeting for signs of a rate cut if inflation continues to follow this downward trend.
Source: BusinessDay – https://businessday.ng/pro/article/naira-reaches-two-year-high-of-n1347-78-as-gap-narrows-further/, February 20, 2026
Photo credit: BusinessDay
