The naira recorded a strong gain against the United States dollar on Monday, appreciating in both the parallel and official foreign exchange markets.
At the parallel market, the local currency strengthened to N1,393 per dollar, improving from N1,438 per dollar recorded last weekend. The development brought the street rate closer to the official exchange rate, reducing the wide gap that has persisted in recent weeks.
Similarly, the naira also appreciated at the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,344 per dollar.
Read Also;
Dollar to Naira exchange rate today, February 17, 2026
Figures released by the Central Bank of Nigeria (CBN) showed that the indicative exchange rate dropped from N1,358 per dollar last weekend to N1,344, representing a N14 appreciation for the naira.
As a result of the improved performance in both markets, the difference between the parallel and official exchange rates narrowed significantly to N49 per dollar, down from N72 per dollar recorded last Friday.
