Naira begins the week with strong energy at the official market
The news hitting the streets today is something many Nigerians have been waiting for with bated breath. For the first time in nearly two years, the Naira is showing some real liver at the official foreign exchange market.
According to the latest data from the Central Bank of Nigeria, our local currency started the week by closing at N1,354.9 per dollar on Monday, February 9, 2026. This is not just any regular gain; it is the strongest performance the Naira has recorded since May 2024. As an editor watching these charts daily, I can tell you that this kind of movement brings a bit of ginger to the economy.
After many months of tension and seeing the dollar fluctuate at high levels, its recent drop to this point is a breath of fresh air for everyone, from big manufacturers to small business owners in Balogun market.
Breaking down the numbers behind this historic appreciation
When we look at the numbers, the appreciation is clear and steady. Just last Friday, the Naira closed at N1,363, and if you look back to the previous Monday, it was standing at N1,384.5. Within a week, the currency has gained nearly N30 against the greenback.
ut the real koko of the story is the trading volume. Reports indicate that the market saw a massive turnover of about 485.6 million dollars at the official window. This is the highest liquidity we have seen in quite a while, and it shows that dollars are finally returning to the system.
When there is enough supply to go around, the wahala of scarcity reduces and the exchange rate naturally begins to find its level. This N1,354.9 rate is a huge milestone because the last time the market was this calm was on May 29, 2024, when it closed at N1,329.65.
The persistent gap between official and parallel market rates
However, while we are celebrating the official gains, we must also look at the other side of the coin with a professional eye. The parallel market, which many people still rely on for their daily transactions, is still showing some resistance. While the official rate is getting stronger, the black market rate was recently quoted around N1,443.40.
This means the gap or spread between the two markets has widened to about N88.5. This disparity is a bit of a headache for policymakers because it creates room for market distortions. It is the widest gap we have seen since the end of January 2026.
For the average Nigerian, the dream is to see these two rates come together so that the confused prices in the shops can finally settle down once and for all.
Looking ahead to the Central Bank of Nigeria MPC meeting
All eyes are now on the Central Bank of Nigeria as they prepare for the 304th Monetary Policy Committee meeting scheduled for February 23 and 24, 2026. This will be the first MPC meeting of the year, and the big bosses at the CBN will have a lot to talk about regarding the direction of the economy.
They will be looking at inflation trends and how to keep the Naira stable without stifling growth. Remember that at the last meeting in late 2025, they kept the interest rate at 27 percent to curb inflation. Whether they will reduce it or keep it steady is the big question everyone is asking. For now, the focus remains on maintaining this positive momentum. We hope that this new strength of the Naira is not just a temporary fever but the beginning of a long term recovery that will make life easier for every Nigerian.
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