The Naira has shown remarkable stability against the US Dollar in the early trading hours of Tuesday, February 24, 2026, supported by ongoing interventions from the Central Bank of Nigeria.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira opened at 1,344.65 per dollar. This followed a Monday close of 1,343.81 per dollar. During the session so far, the currency has moved between a high of 1,342.50 and a low of 1,346.87.
Market stability is largely driven by improved liquidity. The CBN’s recent policy allows licensed Bureau De Change (BDC) operators to purchase up to 150,000 dollars weekly. This approach has decentralized access to dollars and reduced pressure on the official window.
The parallel market reflects strong convergence with official rates. The dollar is trading at approximately 1,335 to 1,345 per dollar across various regional hubs. In certain informal segments, the Naira has even traded slightly stronger than the official rate. This unusual development stems from better price discovery and the absorption of excess retail demand.
Traders in Lagos and Abuja observe that “panic buying” from previous years has largely disappeared. The closer alignment of rates indicates that the CBN’s market harmonization efforts are yielding results. This creates a more predictable setting for businesses and individual travelers.
Several key factors continue to bolster the Naira’s position on this Tuesday.
Headline inflation eased for the tenth straight month, dropping to 15.10% in January 2026. The slowdown, especially in food and energy prices, has lessened domestic pressure on the exchange rate.
Nigeria’s external reserves have risen to approximately 47.81 billion dollars. This stronger buffer equips the CBN to handle potential volatility more effectively.
Domestic crude oil production has recovered, recently averaging 1.46 million barrels per day. Higher output has boosted foreign exchange inflows and supported the balance of payments.
Analysts anticipate the exchange rate will stay within the 1,340 to 1,350 range as trading progresses. Market focus is shifting to the forthcoming Monetary Policy Committee meeting, where further direction on interest rates is expected.
