Naira weakens to N1,376 per dollar as geopolitical tensions boost dollar

The Nigerian Naira depreciated to N1,376 per dollar on Monday, February 2, 2026, from N1,368.5 per dollar at Friday's close. This follows a global dollar rally triggered by U.S. strikes on Iran, which prompted investors to seek safe-haven assets. The CBN reported the currency traded between N1,397 and N1,368.5 during Monday's session, with a mean average of N1,378.48 per dollar. Despite late-month volatility, the Naira showed modest monthly appreciation from N1,384.5/$ on February 1 to N1,368.5/$ on February 2. The dollar index gained nearly 1% Monday, its best performance in seven months, restoring its crisis-era safe-haven status. This environment typically tightens global financial conditions, pressuring emerging market currencies like the naira. Nigeria's external reserves strengthened to $50.45 billion as of February 16, 2026, providing the CBN with greater capacity to manage volatility.

SOURCE: https://nairametrics.com/2026/03/03/naira-slips-to-n1376-amid-dollar-safe-haven-rally/