According to Daily Post reporting, the Nigerian Naira concluded the week at N1,366.19 against the US Dollar at the official foreign exchange market, marking a slight daily depreciation from its previous standing. Despite this minor dip, the nation’s economic outlook remains bolstered by a significant surge in external reserves, which have now climbed to $46.91 billion as of early February 2026.
The local currency’s performance showed resilience on a week-on-week basis, gaining approximately N20.36 at the official window. Meanwhile, the parallel market—often referred to as the black market—saw the Naira ending the week with a notable N10 gain, settling at a rate of N1,450 per dollar. This convergence of rates is seen as a positive sign of stabilizing liquidity within the financial system.
Market analysts note that the steady accumulation of foreign reserves provides the Central Bank of Nigeria (CBN) with a stronger buffer to manage exchange rate volatility. This development was further validated by The Punch, which noted that “the robust reserve level is a testament to improved crude oil receipts and tighter fiscal controls,” while Vanguard added that “the stability in the FX market is increasingly attracting the interest of offshore portfolio investors.”
Echotitbits take: The climb to $46.91bn in reserves is a major milestone for the Tinubu administration’s economic team. It suggests that the aggressive monetary tightening and FX reforms are finally yielding a “liquidity cushion.” Watch for whether the CBN will use this surplus to intervene more frequently in the retail end of the market to further close the gap between official and parallel rates.
Source: Daily Post – https://dailypost.ng/2026/02/07/naira-closes-week-at-n1366-19-per-dollar-as-nigerias-external-reserves-hit-46-91bn/, February 7, 2026
Photo credit: Daily Post
