The Nigerian naira remained largely stable against the United States dollar during Tuesday morning trading on February 17, 2026, as it continued to hover around the N1,350 range at the official market.
The currency’s performance reflects ongoing efforts by the Central Bank of Nigeria (CBN) to manage liquidity and reduce pressure on the foreign exchange market.
Official Market Update
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at about N1,351.18 per dollar. However, by mid-morning, the exchange rate weakened slightly, with the dollar exchanging at an average of N1,354.86.
Analysts attributed the mild adjustment to early-week corporate demand, noting that the naira has remained relatively steady in recent weeks due to improved price discovery and the continued use of the Electronic Foreign Exchange Matching System (EFEMS). The currency has also stayed below the N1,400 mark for more than two weeks, avoiding the sharp swings often experienced during mid-month trading periods.
Parallel Market Situation
In the parallel market, the naira also held firm, although it continued to trade at a higher rate compared to the official window. In major cities such as Lagos, Abuja and Kano, Bureau De Change operators quoted the dollar between N1,425 and N1,440.
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Traders said dollar supply has remained enough to meet demand for travel allowances and small business needs, helping to prevent panic buying. The gap between the official and street rates has also continued to narrow, reducing the incentive for speculative hoarding.
Exchange Rate Summary (February 17)
NFEM Opening Rate: N1,351.18/$
NFEM Mid-Morning Rate: N1,354.86/$
Parallel Market Rate: N1,425 – N1,440/$
Market watchers are now monitoring whether the naira can regain its early strength before the close of trading. With external reserves offering some support and the CBN maintaining its current approach, the outlook for the currency remains cautiously positive for the rest of the week.
