Naira stable near N1,350/$ as CBN boosts FX liquidity

The Nigerian naira trades near N1,350/$ in the official FX market, showing slight strength compared to early February. CBN increased retail FX liquidity by allowing Bureau de Change operators to buy up to $150,000 weekly, narrowing the gap between official and parallel markets. This follows CBN's $7.8 billion FX liquidity management in 2025. The official rate may settle at N1,340/$ if major auctions occur this week. Meanwhile, the parallel market rate remains between N1,420/$ and N1,435/$. CBN projects external reserves at $51 billion, supporting Naira optimism. The Dangote Refinery's full capacity (650,000 bpd) reduces oil import dependence, further boosting Naira outlook. US Dollar Index weakness and potential Fed rate cuts also support Naira stability. Nigerian inflation shows moderation, potentially reducing CBN's devaluation motive. Will this FX stability encourage foreign investment in Naira assets?

SOURCE: https://nairametrics.com/2026/02/16/cbn-auction-dangote-refinery-expected-to-fuel-naira-rally/