The Naira has continued to show resilience against the United States Dollar at the start of the second week of February 2026.
Trading data from Monday morning confirms that the local currency is sustaining its recent pattern of stability. This steadiness is bolstered by ongoing policy measures from the Central Bank of Nigeria and solid external reserve levels.
In the Nigerian Foreign Exchange Market, the Naira began the week with a modest gain. It traded at approximately 1,363.84 per dollar. This came after a Friday closing rate of 1,366.96, marking a slight appreciation upon the resumption of full market operations.
Early trading in the NFEM featured limited movements. The rate fluctuated narrowly between 1,363.35 and 1,363.84. Market analysts credit this consistent showing to the Central Bank of Nigeria’s effective oversight of the Electronic Foreign Exchange Matching System. This system has promoted increased transparency and reduced disparities across market segments. Against a backdrop of 15.15% inflation and an unchanged Monetary Policy Rate of 27.00% in early 2026, the Naira has held firmly below the 1,400 psychological threshold.
The parallel market has reflected similar stability to the official channel. In key commercial centres including Lagos, Abuja, and Kano, Bureau De Change operators quoted the dollar between 1,440 and 1,455.
Although the informal market maintains a premium over the official rate, the gap is much narrower than the fluctuations seen in late 2025. Traders note that supply is sufficient to cover retail needs for minor imports and personal travel. The lack of speculative activity early in the week points to the success of the CBN’s approach in directing corporate demand to the official window. This has helped avoid abrupt 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
As the week unfolds, investors and observers will watch foreign exchange inflow volumes closely. These will indicate whether the Naira can push below the 1,360 support level. The economic perspective for February stays optimistic, with expectations that the Naira will keep up its defensive position against the US dollar.
