The Nigerian naira continued its steady performance against the US dollar during mid-week trading on Wednesday, February 11, 2026, maintaining the stability it has shown for most of the month.
Official Market Update
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at about N1,353.25 per dollar. It recorded slight movements during the session, reaching a high of N1,359.83, before settling around N1,355.46 by mid-morning.
This follows Tuesday’s close, where the naira also remained firm around the N1,353 level. Analysts say the consistent performance is linked to the Central Bank of Nigeria’s improved liquidity management and the effectiveness of the Electronic Foreign Exchange Matching System (EFEMS). The system has helped speed up price discovery and improve dollar availability for businesses, contributing to a drop in exchange rates from the N1,400 range recorded in late January.
Parallel Market Situation
The parallel market also reflected the naira’s improved strength, although it still trades at a higher rate compared to the official market. In key 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 noted that the black market rate has eased slightly due to the naira’s stability in the official market. The gap between both markets is now among the narrowest seen in recent months, supported by steady retail dollar supply and reduced speculative demand.
Exchange Rate Snapshot
NFEM Opening Rate: N1,353.25/$
NFEM Average Rate (mid-morning): N1,355.46/$
Parallel Market Rate: N1,425 – N1,440/$
Outlook
Financial experts remain optimistic that the naira will continue to trade within the N1,350 to N1,365 range for the rest of the week. With Nigeria’s external reserves showing signs of improvement, the currency is expected to remain stable through mid-February.
