The Nigerian naira continued to show strength against the United States dollar as trading opened for the second week of February 2026, maintaining the stability recorded in recent days.
Early market activities on Monday showed that the local currency remained firm, a development analysts linked to sustained policy efforts and relatively stable external reserves.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at about ₦1,363.84 per dollar, slightly stronger than the ₦1,366.96 closing rate recorded on Friday.
Trading remained steady in the early hours, with the exchange rate moving within a narrow range of ₦1,363.35 to ₦1,363.84, indicating low volatility.
Market observers attributed the stable performance to the Central Bank of Nigeria’s management of the Electronic Foreign Exchange Matching System (EFEMS), which has improved transparency and reduced price gaps across market segments.
The naira has also remained below the ₦1,400 psychological mark, supported by key monetary indicators, including an inflation rate of 15.15% and a Monetary Policy Rate (MPR) of 27.00%.
Parallel Market Update
The parallel market also reflected similar stability, with Bureau De Change operators in Lagos, Abuja, and Kano quoting the dollar between ₦1,440 and ₦1,455.
Although the black market rate remains higher than the official window, traders said the gap is far smaller than what was experienced during the high volatility period in late 2025.
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According to market sources, demand for dollars for imports and travel is currently being met with available supply, while reduced speculation has helped prevent sharp fluctuations.
Opening Rate Summary
NFEM Opening Rate: ₦1,363.86/$
NFEM Current Rate: ₦1,363.84/$
Parallel Market Range: ₦1,440 – ₦1,455/$
As the week continues, analysts say attention will be on foreign exchange inflows and whether the naira can break below the ₦1,360 support level, with expectations that the currency may sustain its current stability if market conditions remain favourable.
