Naira Remains Stable Against Dollar at Start of February 2026

The Nigerian naira opened the second week of February 2026 on a stable note against the United States dollar, continuing its recent signs of strength in the foreign exchange market.

Data from early trading on Monday, February 9, showed that the naira held firm at the Nigerian Foreign Exchange Market (NFEM). The local currency exchanged at about ₦1,363.84 to the dollar, showing a slight improvement from Friday’s closing rate of ₦1,366.96. This modest gain came as market activities resumed for the new week.

Trading at the official market was calm, with exchange rates moving within a narrow range of ₦1,363.35 to ₦1,363.84 during the early hours. Market analysts attributed this stability to the Central Bank of Nigeria’s continued supervision of the Electronic Foreign Exchange Matching System, which has helped improve transparency and reduce sharp price differences in the market. With inflation standing at 15.15 percent and the Monetary Policy Rate maintained at 27.00 percent in early 2026, the naira has remained comfortably below the ₦1,400 mark.

In the parallel market, also known as the black market, the dollar traded steadily as well. Bureau De Change operators in major cities such as Lagos, Abuja, and Kano quoted exchange rates between ₦1,440 and ₦1,455 per dollar. Although the parallel market rate is still higher than the official rate, the gap has reduced significantly compared to the sharp fluctuations seen toward the end of 2025.

Traders noted that demand for foreign exchange for personal travel and small-scale imports is being met without much pressure. This has helped reduce speculation in the market. Observers say the relatively calm situation suggests that the Central Bank’s efforts to channel large corporate foreign exchange demands through the official market are working, helping to prevent sudden spikes in dollar prices in the parallel market.