The Nigerian naira closed the first week of February 2026 on a steady note against the United States dollar, maintaining the positive momentum recorded throughout the week. Although there were slight movements during trading, the currency remained stable in the official market, supported by continued interventions from the Central Bank of Nigeria (CBN) and improved transparency in foreign exchange trading.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading on Friday, February 6, at ₦1,367.10 per dollar. By mid-morning, the exchange rate adjusted slightly, settling around ₦1,366.53 per dollar.
The performance reflects sustained stability, as the naira has remained below the ₦1,400 mark since the beginning of the month. Analysts say the resilience is being driven by consistent CBN support, stable monetary policy, and reduced speculative pressure. Recent macroeconomic indicators, including an inflation rate of 15.15% and a Monetary Policy Rate (MPR) of 27.00%, are also believed to be helping strengthen market confidence.
Parallel Market Trends
In the parallel market, the dollar continued to trade at a premium but remained relatively calm. In major trading locations such as Lagos and Abuja, Bureau De Change operators quoted the dollar between ₦1,445 and ₦1,460.
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Traders noted that the market has been stable due to reduced hoarding activities and a steady supply of foreign currency for personal travel and small business transactions. The narrowing gap between the parallel and official markets is also seen as a sign that more demand is gradually shifting into the formal system.
Exchange Rate Summary for February 6
NFEM (Official) Opening: ₦1,367.10
NFEM (Official) Current: ₦1,366.53
Parallel Market Range: ₦1,445 – ₦1,460
As the week ends, expectations remain positive for the naira in the coming days. Analysts believe the currency may continue to hold firm, with attention now turning to upcoming treasury bill auctions and how they could influence market liquidity and investor activity in the second week of February.
