Naira Steadies as External Reserves Cross $48.5bn Mark

Story: Written by Zara -February 19,1026
The naira traded with renewed stability across Nigeria’s foreign exchange markets on Wednesday, supported by a rise in the country’s external reserves beyond $48.5 billion, a development that has strengthened liquidity and reduced gaps between official and street rates.
Figures from the Central Bank of Nigeria showed the local currency closed nearly unchanged at the Nigerian Foreign Exchange Market, slipping slightly by N2.15, or 0.16 percent, to N1,338.11 per dollar from the previous day’s N1,335.96. During trading, the dollar exchanged as low as N1,328, according to market sources.
In the parallel market, the naira gained further ground, appreciating by N10 to close at N1,370 per dollar, compared with N1,380 recorded a day earlier. This movement narrowed the gap between the official and parallel markets to about N32, a sharp improvement from the N92 spread seen last week.
External reserves continued their upward trend, climbing to $48.50 billion as of February 17, 2026, giving the apex bank increased capacity to support the currency.
Additional support came from fresh data released by the National Bureau of Statistics, which showed capital inflows surged to $6.01 billion in the third quarter of 2025—the highest level in six years. The inflow marked a 380.16 percent year-on-year increase and a 17.46 percent rebound from the previous quarter, driven largely by renewed foreign interest in Nigeria’s fixed-income market.
Despite these positive indicators, Bureau De Change operators are yet to resume dollar purchases from commercial banks, one week after the CBN reopened the Nigerian Foreign Exchange Market to them. Under new guidelines, licensed BDCs are allowed to buy foreign exchange from authorised dealer banks at market rates, subject to strict compliance and a weekly cap of $150,000 per operator.
The CBN also reiterated rules requiring full KYC checks, prompt electronic reporting, resale of unused foreign exchange within 24 hours, and limits on cash settlements, as part of efforts to boost transparency and deepen liquidity in the retail FX segment.