On Thursday, the parallel market saw a significant increase in the value of the Nigerian currency, the naira, compared to the US dollar. A Bureau De Change operator said that the naira increased from N1,350 to N1,317 per dollar on Wednesday to N1,317 on Thursday. 

The movement reflects a N33 gain for the local currency on a day-to-day basis at the black market. 

According to Hassan, the naira’s rally represents its strongest performance at the parallel market in several months, attributing the trend to reduced demand for foreign cash and recent interventions by the Central Bank of Nigeria (CBN).

“The naira strengthened to its highest level in the black market in months. I believe this is due to low patronage and recent CBN intervention,” he said.

At the official foreign exchange window, however, the pattern was different, as the naira declined for the second straight day. It closed Thursday at N1,341.35 per dollar, down N3.25 from Wednesday's closing price of N1,338.12. At the official market, the currency has lost N5.38 over the past two days. 

According to data from the apex bank, Nigeria's external reserves as of February 17, 2026, were $48.50 billion.

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