The Nigerian Naira continued its upward momentum against the US Dollar in early trading on Thursday, February 5, 2026, following gains seen earlier in the week. The local currency’s recovery has been supported by strong liquidity levels and sustained interventions in the foreign exchange market.
Official Market Performance
At the official Nigerian Foreign Exchange Market (NFEM), the Naira opened trading at around ₦1,368.56 per dollar. By mid-morning, it adjusted slightly to ₦1,371.40, marking a significant improvement from the ₦1,388 level recorded just 24 hours earlier.
Analysts attribute the Naira’s sustained recovery to the Central Bank of Nigeria’s (CBN) active market-matching strategies, combined with growing external reserves that have provided a buffer against global shocks. The Electronic Foreign Exchange Matching System (EFEMS) has also contributed to tighter bid-ask spreads in the official market, enhancing market transparency.
Parallel Market Trends
The informal or parallel market has mirrored the official rate’s gains, signaling growing confidence in the currency. In major commercial centers such as Lagos, Abuja, and Kano, the dollar is currently exchanging between ₦1,450 and ₦1,465.
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Although the black market still trades at a premium over the official window, the gap has narrowed to one of its smallest margins in months. Bureau de Change operators report stable retail demand, supported by diaspora remittances and small-scale export inflows, without the speculative swings that previously destabilized the market.
Key Rates – February 5, 2026
Official Market Opening: ₦1,368.56 per USD
Official Market Current: ₦1,371.40 per USD
Parallel Market Range: ₦1,450 – ₦1,465 per USD
Market watchers remain optimistic for the Naira in the coming days. If current supply conditions persist in the official window, the currency may test the ₦1,350 support level by Friday, offering relief to businesses and individuals involved in international transactions.
