The Nigerian foreign exchange market recorded slight movements on Wednesday, February 18, 2026, as the naira responded to mid-week demand for dollars in both the official and parallel markets.
Official Market (NAFEM)
At the official window, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the naira trading at an average of N1,345.45 per dollar.
The currency experienced mild fluctuations earlier in the day, briefly dipping to N1,343.76 before recovering and stabilising around its current level.
Analysts say the relative calm in the official market is linked to continued Central Bank interventions and improved foreign exchange inflows, particularly from export proceeds. However, market watchers note that the day’s trading range remains important for businesses trying to plan ahead or protect themselves from sudden shifts later in the day.
Parallel Market (Black Market)
In the parallel market, the dollar continues to sell at a much higher rate.
Reports from Bureau De Change operators in Lagos, Abuja and Kano show the dollar being bought at about N1,480, while selling between N1,495 and N1,510.
The wide gap between the official and informal rates is largely driven by strong demand for dollars for school fees, travel, and small-scale importation, which many individuals cannot easily access through the official market.
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Economic Outlook
The current exchange rate trend reflects cautious optimism, as the naira has avoided major crashes in recent days. However, inflation and rising demand for foreign currency continue to put pressure on the parallel market.
Experts believe that if dollar supply remains stable through the official market, the naira may gain more ground and the gap between both markets could reduce before the end of the week.
For now, businesses and individuals are advised to closely monitor official market updates for more reliable pricing.
