The Nigerian Naira began the first trading week of February 2026 on a stable note, holding firm within the ₦1,390 range in the official market. The calm opening reflects renewed confidence in the foreign exchange market as businesses resume full operations for the new month and liquidity levels remain healthy following the Central Bank of Nigeria’s (CBN) steady interventions throughout January.
Official Market Update
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened at ₦1,398.86 per dollar and appreciated slightly to ₦1,396.88 by mid-morning trading on Monday, February 2.
Early trading data showed a narrow movement between a high of ₦1,398.86 and a low of ₦1,394.13, signalling a tranquil start to the month. Market experts attribute this stability to the CBN’s continued clearing of verified foreign exchange backlogs and the effective deployment of the Electronic Foreign Exchange Matching System (EFEMS) — a reform credited with enhancing transparency and improving price discovery in the market.
Parallel Market Reflects Calm
The parallel market, known for its volatility, has mirrored the relative calm of the official window. In major currency hubs like Lagos, Abuja, and Kano, Bureau De Change (BDC) operators quoted the dollar between ₦1,465 and ₦1,480.
Despite the usual rise in demand at the start of a new month — driven by import payments and travel expenses — the market has remained stable. Traders say reduced speculative hoarding and a narrowing gap between the official and informal rates have helped curb price swings. Adequate dollar supply has also supported small business transactions and personal remittances, keeping demand pressures in check.
Summary of Opening Rates
- NFEM (Official) Opening: ₦1,398.86
- NFEM (Official) Current: ₦1,396.88
- Parallel Market Range: ₦1,465 – ₦1,480
Outlook for February
Analysts remain cautiously optimistic about the Naira’s outlook in February. With external reserves stable and oil production gradually improving, the currency appears poised to sustain its current momentum.
The key focus in the coming days will be on trading volumes within the official market, which will serve as a barometer for market depth and the durability of the current exchange rate stability.
For now, the Naira’s firm footing suggests a positive start to the month — and a sign that Nigeria’s foreign exchange reforms are beginning to bear fruit.
