The Nigerian naira traded steadily against the United States dollar on Tuesday morning, February 3, 2026, maintaining the calm momentum seen at the start of the week. The local currency continued to move within a narrow range as traders responded to recent macroeconomic signals from the Central Bank of Nigeria.
At the official Nigerian Foreign Exchange Market, the naira opened trading at about ₦1,391 to the dollar. By mid-morning, the rate had adjusted slightly, with the dollar exchanging at around ₦1,400.54. The marginal movement reflected growing corporate demand typical of the beginning of a new month rather than any major market pressure.
CBN data indicate that the exchange rate has been supported by relatively stable fundamentals, including an inflation rate of 15.15 per cent and a Monetary Policy Rate of 27 per cent. Market operators say the use of electronic trading and matching systems has helped improve transparency and price discovery, allowing the naira to hold its ground below the ₦1,450 level in recent sessions.
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In the parallel market, trading conditions also remained calm. In Lagos, Abuja and other major centres, the dollar was exchanged at rates ranging between ₦1,470 and ₦1,485. Although the informal market continues to trade at a premium over the official window, dealers noted that low speculative activity and steady dollar supply have prevented sharp swings.
Traders said demand for foreign currency, mainly for travel and small business needs, has been adequately met, contributing to the overall stability seen so far in early February.
Market analysts remain cautiously optimistic about the naira’s outlook. They believe the currency could sustain its current position if foreign reserves remain healthy and crude oil output stays steady. Attention is now on the day’s closing rates, which are expected to give clearer signals on how the market may trend for the rest of the week.
