The Nigerian foreign exchange market opened on Thursday, February 19, 2026, with the naira recording a slight depreciation against the United States dollar, according to early trading data.
Official NAFEM Market
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira opened at N1,346.40 per dollar, representing a marginal drop from the previous day’s rate. Reports showed the market initially moved from around N1,340.00 before settling within the N1,340–N1,350 range.
Analysts say the movement reflects growing demand for dollars, although steady supply from institutional players is helping to prevent major volatility. There are also indications that monetary authorities are working to maintain stability within this narrow band to support importers and international transactions.
Parallel Market (Black Market)
Meanwhile, the dollar continued to trade at a premium in the parallel market. In commercial areas such as Lagos and Abuja, Bureau De Change operators quoted the dollar at about N1,490 for buying, while selling rates ranged between N1,505 and N1,515.
Despite the higher pricing, the parallel market has remained relatively stable over the last 24 hours, suggesting that demand for travel funds and school fees payments may have slowed temporarily. However, the gap between the official and unofficial rates—now over N150—remains a major concern for businesses and policymakers.
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Market Outlook
Experts say exchange rate movements are being driven by a mix of global oil price changes and local fiscal policies aimed at tightening naira liquidity. While the official market remains relatively stable, the parallel market continues to respond quickly to speculative demand and the needs of small businesses that struggle with delays in accessing official foreign exchange.
Market watchers expect the naira to remain within its current range throughout the day, unless there is a major policy update or unexpected shift in foreign reserves.
