The Nigerian Naira continued its steady performance against the U.S. Dollar on Tuesday, February 3, 2026, maintaining a narrow trading range as investors and businesses responded to the Central Bank of Nigeria’s (CBN) latest macroeconomic indicators.
Official Market Update
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened trading at around ₦1,391.00 per dollar before experiencing mild fluctuations, settling at approximately ₦1,400.54 by mid-morning.
The marginal intraday movement reflected renewed corporate demand typical of early-month transactions. According to recent CBN data, the local currency’s stability has been supported by a moderate inflation rate of 15.15% and a Monetary Policy Rate (MPR) holding firm at 27.00%.
The CBN’s electronic matching system continues to enhance transparency in the forex market, ensuring efficient price discovery and helping the Naira sustain its position below the ₦1,450 mark.
Parallel Market Trends
In the parallel (informal) market, trading remained calm with only a modest premium over the official window. In major commercial centres such as Lagos and Abuja, Bureau De Change operators quoted the dollar between ₦1,470 and ₦1,485.
Traders attributed the market’s relative stability to steady currency supply and the absence of speculative pressure, noting that demand from small businesses and travellers is being adequately met.
Summary of Rates
- NFEM (Official) Opening: ₦1,391.00
- NFEM (Official) Current: ₦1,400.54
- Parallel Market Range: ₦1,470 – ₦1,485
Outlook
Market analysts remain cautiously optimistic about the Naira’s short-term prospects. They believe that as long as foreign reserves remain stable and crude oil output continues at current levels, the local currency is likely to hold its defensive position in the coming days.
Investors are now watching the day’s closing rates closely for further insight into market direction as the first full trading week of February unfolds.
