The naira sustained its upward trajectory on Monday, appreciating to N1,355/$ at the official foreign exchange market, compared to N1,363.5/$ recorded on Friday. During Monday’s trading session, the naira fluctuated between N1,365.35/$ and N1,354/$, reflecting relatively stable intraday activity. The apex bank noted that Nigeria’s improving external reserve position could help stabilise the naira against sustained pressure. The CBN Governor, Olayemi Cardoso, said ongoing monetary and foreign exchange reforms are aimed at boosting investor confidence and enhancing market liquidity. According to projections in the bank’s 2026 macroeconomic outlook, Nigeria’s external reserves could rise further to $51.04 billion, largely supported by improved oil revenues.

Source: Punch March 17, 2026 08:38 UTC