The Nigerian Naira started the third week of February 2026 on a positive note, sustaining its gains against the US Dollar. On Monday morning, the local currency opened with stability, buoyed by strong liquidity measures and a slowdown in speculative demand.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira opened at about ₦1,353.54 per dollar, trading slightly higher at ₦1,354.15 by mid-morning. Analysts attribute this resilience to the Central Bank of Nigeria’s (CBN) consistent foreign exchange policies and the effective operation of the Electronic Foreign Exchange Matching System (EFEMS). Additionally, increased retail liquidity through licensed Bureau De Change operators has helped ease pressure on the official market.
Meanwhile, the parallel market also showed stability. In commercial hubs like Lagos, Abuja, and Kano, the dollar traded between ₦1,420 and ₦1,435. The modest volatility and narrowing gap between the official and parallel rates indicate growing confidence in the Naira’s valuation, with supply adequately meeting demand for travel and small-scale business needs.
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Key Rates as of February 16, 2026:
NFEM (Official) Opening: ₦1,353.54
NFEM (Official) Current: ₦1,354.15
Parallel Market: ₦1,420 – ₦1,435
Looking ahead, the Naira is expected to maintain its stability for the rest of the week. With steady growth in Nigeria’s external reserves and continued central bank intervention to support market liquidity, experts say the currency is well-positioned to defend the ₦1,350 level. Traders will be monitoring market activity closely to assess the depth of support for the local currency.
