The Naira held firm against the United States Dollar on Friday, February 27, 2026, closing the trading week positively.
Real-time data from the Nigerian Foreign Exchange Market and parallel market channels indicate the currency remained steady, supported by a surge in external reserves and a recent monetary policy adjustment.
In the official NFEM window, the Naira opened at 1,355.25 per dollar. Trading stayed calm during the morning, with the rate appreciating slightly to 1,353.97 by 2:30 AM WAT. This follows a mid-week mean rate of approximately 1,356.97, showing the currency’s resistance to further depreciation amid global pressures.
Improved liquidity in the banking system drove the current trading band. Authorized dealers noted steady foreign exchange inflows, enabling the market to handle demand for dividends and import financing without sharp price increases seen in past years.
The parallel market displayed strong convergence with the official window. In informal trading spots in Lagos, Abuja, and Kano, the dollar traded between 1,358 and 1,368 per dollar.
The spread between official and parallel rates stayed narrow, typically within 1% to 1.5%. Analysts credit the Central Bank of Nigeria’s (CBN) integration of Bureau De Change operators into the formal supply chain, which has reduced speculative black market activities and stabilized retail expectations.
Several key macroeconomic factors bolstered the Naira’s performance on Friday.
Nigeria’s external reserves reached a 13-year high of 50.45 billion dollars, providing nearly 10 months of import cover and giving the CBN strong capacity to support the currency.
The Monetary Policy Committee cut the benchmark interest rate by 50 basis points to 26.5% earlier in the week, reflecting confidence amid declining headline inflation to 15.10% for January 2026.
Expanded domestic refining, driven by the Dangote Refinery reaching 700,000 barrels per day capacity, has sharply cut foreign exchange needs for fuel imports.
Better security in the Niger Delta sustained crude oil production at 1.46 million barrels per day, securing steady petrodollar inflows.
As the market heads into the weekend, the Naira’s outlook is cautiously optimistic. Stakeholders monitor the 1,350 support level closely, expecting stability if global oil prices stay above 75 dollars per barrel.
