The Nigerian Naira continued to trade steadily against the United States Dollar during early hours of trading on Wednesday, February 4, 2026, maintaining the stable trend recorded since the beginning of the month.
Market watchers say the currency’s performance is being supported by improved liquidity in the official foreign exchange market and reduced pressure in the parallel market.
Official Market Update
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened the day at ₦1,387.42 per dollar. By mid-morning, it recorded only a slight movement, with the dollar exchanging at ₦1,388.15.
Analysts attribute this stability to the continued impact of the Electronic Foreign Exchange Matching System (EFEMS), which has strengthened transparency and improved pricing in the official market.
The steady rate is also linked to the Central Bank of Nigeria’s efforts in managing corporate demand and clearing outstanding foreign exchange obligations. With external reserves still relatively stable, the official market has remained more predictable for businesses, importers, and international investors.
Parallel Market Performance
The parallel market also remained calm, though it continues to trade at a higher rate than the official window.
In major cities such as Lagos and Abuja, Bureau De Change operators quoted the dollar between ₦1,460 and ₦1,475.
Traders say the gap between both markets has reduced compared to the high volatility experienced in late 2025. They added that steady supply and limited speculative activity have helped prevent sudden spikes in the informal market.
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Dollar to Naira exchange rate today, February 3, 2026
Exchange Rate Summary
NFEM Opening Rate: ₦1,387.42
NFEM Mid-Morning Rate: ₦1,388.15
Parallel Market Range: ₦1,460 – ₦1,475
Outlook
Analysts remain cautiously optimistic about the Naira’s direction, noting that steady crude oil output and sustained foreign portfolio inflows could keep the currency within its current range through the first quarter of 2026.
Attention is now focused on the closing rates for the day, which may provide clearer signals on how the market will move for the rest of the week.
