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Naira Rallies to Start February as Government targets Fiscal Consolidation
Abstract：The Nigerian Naira strengthened to N1,384.5/$ at the start of February 2026, while the Federal Government announced plans to decentralize electricity subsidy costs to broader tiers of government.
The Nigerian Naira (NGN) recorded gains against the United States Dollar (USD) at the start of February 2026, driven by structural fiscal adjustments and efforts to enhance official market liquidity.
Fiscal Burden Sharing
The Federal Government provided forward guidance on fiscal policy regarding the power sector. Beginning in 2026, the cost of electricity subsidies will be distributed across federal, state, and local governments to improve the sovereign balance sheet.
- Closing Rate: N1,384.5/$
- Target Implementation Date: 2026
- Primary Currency: NGN
- Counter Currency: USD
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