The Nigerian Naira sustained its upward momentum against the U.S. Dollar as the first week of February 2026 came to an end, maintaining a steady performance across the official foreign exchange market. Despite minor intraday fluctuations, the currency showcased remarkable resilience, supported by consistent Central Bank of Nigeria (CBN) interventions and improved transparency in the electronic trading system.
Official Market Overview
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened Friday’s session at ₦1,367.10 per dollar and slightly firmed to an average of ₦1,366.53 by mid-morning. The official rate has remained below the ₦1,400 threshold since the start of February—an indication of sustained market stability.
Financial analysts attribute this performance to a blend of factors, including a moderating inflation rate of 15.15%, a steady Monetary Policy Rate (MPR) of 27%, and the CBN’s continued management of liquidity in the forex market. These measures, they said, have strengthened investor confidence while curbing speculative pressure on the local currency.
Parallel Market Snapshot
In the parallel market, the Naira also maintained stability with only a modest premium over official rates. Bureau De Change operators in Lagos and Abuja quoted the dollar between ₦1,445 and ₦1,460, reflecting subdued volatility.
Traders noted that a steady supply of dollars—particularly for personal travel allowances (PTA) and small business transactions—has prevented any sharp rate spikes. The CBN’s strategy of channeling more forex demand through official platforms appears to be narrowing the gap between both markets.
Trading Summary (February 6, 2026)
- NFEM Opening Rate: ₦1,367.10
- NFEM Mid-Morning Rate: ₦1,366.53
- Parallel Market Range: ₦1,445 – ₦1,460
As the market wraps up the first week of February, sentiment remains optimistic. Analysts forecast that the Naira’s firm footing will continue into the second week of the month, buoyed by a stable macroeconomic outlook. Attention now turns to upcoming treasury bill auctions, which could influence liquidity levels and shape the Naira’s trajectory in the days ahead.
