The Nigerian Naira held a firm position against the United States Dollar as trading resumed for the second week of February 2026. Data from Monday morning showed that the local currency continued its recent trend of resilience, backed by steady policy measures and strong external reserves.
In the Nigerian Foreign Exchange Market (NFEM), the Naira started the week with a slight gain, trading at around 1,363.84 per dollar. This follows a Friday closing rate of 1,366.96, reflecting a modest appreciation as market activity picked up.
Early trading sessions in the official market recorded minimal fluctuations, with rates moving between 1,363.35 and 1,363.84. Analysts say the stability stems from the Central Bank of Nigeria’s (CBN) management of the Electronic Foreign Exchange Matching System (EFEMS), which has increased transparency and reduced gaps across market segments. With a reported inflation rate of 15.15% and a stable Monetary Policy Rate (MPR) of 27.00% at the start of 2026, the currency has remained below the 1,400 psychological barrier.
The parallel market also reflected a similar trend. In commercial hubs such as Lagos, Abuja, and Kano, Bureau De Change operators quoted the dollar between 1,440 and 1,455.
Although the informal market trades at a premium, the spread is considerably narrower compared to the volatility of late 2025. Traders noted that retail demand for small-scale imports and personal travel has been adequately met by current supply levels. The absence of speculative pressure suggests that the CBN’s efforts to direct corporate demand to the official market are producing results, preventing sudden spikes in the black market.
Summary of Opening Rates
NFEM (Official) Opening: 1,363.86
NFEM (Official) Current: 1,363.84
Parallel Market Range: 1,440 – 1,455
Investors and market watchers are expected to track foreign exchange inflows closely to determine whether the Naira can fall below the 1,360 support level. The economic outlook for February remains positive, with the Naira projected to maintain its defensive stance against the greenback.
