The naira prolonged its beneficial properties in opposition to the euro in late February 2026, appreciating 4.6% month-to-date on the official market.
Newest knowledge from the Central Bank of Nigeria confirmed the forex closed at N1,577.3 per euro on Thursday, February 19, 2026.
Since January 2, the naira has strengthened by about 6.4 per cent on the official window, reflecting sustained demand administration and improved overseas alternate liquidity.
Nevertheless, on the parallel market, charges stay above N1,600 per euro, buying and selling between N1,640 and N1,680 in Lagos, Nigeria’s business hub.
RSI: The Naira could also be approaching “overbought” territory within the close to future, given the latest steep enhance in February, suggesting a possible cooling-off interval or a minor correction again towards the N1600 vary.
Newest worth motion exhibits the native forex is presently above each its 20- and 50-day shifting averages, confirming its short-term bullish bias.
Nigeria’s gross exterior reserves have elevated to about $48.37 billion by mid-February 2026. Nigeria’s Central {Bank} (CBN) has collected greater than $2.8 billion within the first few weeks of 2026.
This demonstrates the resounding enhance from $45.50 billion on the shut of 2025, considerably boosting the nation’s exterior buffers.
CBN Liquidity Injections: the Central Bank of Nigeria (CBN) grew to become noticeably extra lively this month, releasing overseas alternate to accredited banks and Bureau De Change (BDC) operators and have efficiently suppressed demand within the quick time period
Oil & Gasoline Revenues: Stronger costs within the worldwide world oil market (above $74 per barrel) and a modest enhance in home crude oil manufacturing have improved greenback inflows.
Decreased Import Demand: Nigeria now must spend much less overseas forex on importing refined petroleum due to the Dangote Refinery’s enlargement, which is now working at larger capability.
Remittances from Nigerians within the diaspora have reportedly elevated, supporting the nation’s overseas alternate reserves.
Africa’s most populous economic system posted a $10 billion commerce surplus with the EU in 2025 amid a surge in agricultural exports and Europe’s elevated want for vitality merchandise.
The EUR/USD continues to say no because the US greenback strengthens in opposition to the Euro. Presently, the pair is buying and selling round 1.1748, marking the fourth consecutive day. Fading optimism for an upcoming Fed charge reduce has pushed demand for the greenback.
Foreign money merchants’ focus is on upcoming US knowledge releases for Friday, which embrace the Core Private Consumption Expenditures (PCE) Value Index, the advance estimate for the fourth quarter.
However, it’s usually anticipated that the European Central {Bank} (ECB) is not going to change rates of interest till 2026. The main target within the Eurozone can be on client confidence knowledge anticipated later within the US session earlier than Friday’s flash PMI readings.
Its enchantment as a haven stays excessive, particularly when oil shocks are brought on by geopolitical tensions. One clarification is that the EUR and JPY, two different protected havens, are much less interesting when crude costs rise as a result of they rely considerably on vitality imports
