The Naira continued its upward momentum in the early trading hours of Tuesday, February 10, 2026, strengthening further against the United States Dollar.
The local currency’s positive performance in the official market highlights improved liquidity and the success of the Central Bank of Nigeria’s price-matching mechanisms.
In the Nigerian Foreign Exchange Market, the Naira opened at 1,361.97 per dollar.
As trading advanced through the morning, the currency appreciated steadily, reaching 1,356.10 by mid-morning.
The latest figures show the dollar now exchanging at 1,355.73 per Naira.
This marks a clear improvement over Monday’s opening levels and indicates the Naira is establishing solid support below the 1,360 threshold.
Financial experts attribute this resilience to the Central Bank of Nigeria’s ongoing use of transparent bid-ask spreads through the Electronic Foreign Exchange Matching System.
The unchanged Monetary Policy Rate at 27.00% has also drawn portfolio inflows, bolstering the Naira’s position against the dollar.
Parallel Market Performance
The parallel market, known as the informal window, has followed the official market’s gains but still trades at a modest premium.
In key cities including Lagos, Abuja, and Port Harcourt, Bureau De Change operators quote the dollar between 1,435 and 1,450.
The difference between official and parallel rates has shrunk considerably in the past week, reducing the speculative pull of the so-called black market.
Traders in Lagos note that supply now adequately meets demand for retail needs and personal travel.
The lack of typical early-month panic buying reflects growing market confidence in the Naira’s stability.
Summary of Rates
NFEM (Official) Opening: 1,361.97
NFEM (Official) Current: 1,355.73
Parallel Market Range: 1,435 – 1,450
Analysts continue monitoring whether the Naira can sustain levels around 1,355 as the day unfolds.
The outlook for the rest of the week stays positive, with expectations that the currency will hold firm provided external reserves remain strong and corporate demand flows smoothly through official channels.
