The Nigerian naira commenced the second week of February 2026 on a stable note against the United States dollar, continuing its recent trend of resilience. Early trading data from Monday, February 9, indicates that the local currency remains firm, supported by ongoing policy measures and relatively strong external reserves.
In the Nigerian Foreign Exchange Market (NFEM), the naira registered a modest improvement at the week's start, exchanging for roughly ₦1,363.84 per dollar. This reflects a slight increase from the previous closing rate of ₦1,366.96 as market activities resumed.
Trading conditions in the official market exhibited calmness, with rates fluctuating within a narrow range of ₦1,363.35 to ₦1,363.84 during the initial sessions. Experts attribute this stability to the Central Bank of Nigeria's continuous management of the Electronic Foreign Exchange Matching System, enhancing transparency and minimizing discrepancies across market segments. With inflation reported at 15.15% and the Monetary Policy Rate set at 27.00% in early 2026, the naira has successfully remained comfortably below the ₦1,400 mark.
In the parallel market, the dollar also maintained a steady position. Bureau De Change operators in major cities, including Lagos, Abuja, and Kano, quoted rates varying between ₦1,440 and ₦1,455. Although the unofficial market still trades at a premium over the official rates, the disparity is significantly narrower compared to the substantial fluctuations seen at the closing of 2025.
Market traders indicate that the demand for foreign currency for personal travel and minor imports is being adequately met without complications, thereby limiting speculative trading. The relatively stable conditions imply that the CBN's initiatives to channel significant corporate demand through the official market are effectively mitigating abrupt price rises within the parallel market.
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