By Sandra Kenneth
In a major boost to Nigeria’s foreign exchange stabilization efforts, the Central Bank of Nigeria (CBN) has announced that the gap between the official and parallel exchange rates has narrowed to under 2%.
Speaking on Tuesday during an event in Gombe State, CBN Governor Dr. Olayemi Cardoso stated that ongoing monetary policy reforms continue to yield positive results as the local currency gains ground across FX markets.
Represented by the bank’s acting spokesperson, Mrs. Hakama Sidi-Ali, the apex bank chief highlighted the steady alignment between the official market and parallel rates.
“The naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” Cardoso noted, citing reports from the News Agency of Nigeria.
The governor linked the sustained recovery of the local currency to strategic reforms implemented by the central bank. These measures, according to CBN data, have boosted investor confidence and driven a steady accretion in the nation’s external reserves, which reached $51.94 billion as of August 3, 2026.
Trading figures on Wednesday reflected the continued appreciation, with the naira closing at ₦1,362.55/$1 at the official window, while parallel market rates stabilized around ₦1,425/$1.
Financial analysts view the narrowing premium as a vital milestone toward eliminating arbitrage and restoring stability to the nation’s foreign exchange landscape.
