The Nigerian Naira maintained its robust stance against the United States Dollar on Thursday, February 12, 2026, as the local currency hit a two-year high in the official market. This milestone comes on the heels of strategic moves by the Central Bank of Nigeria (CBN) to boost retail liquidity and narrow the persistent gap between official and parallel market rates.
Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira showed impressive strength, opening the day’s session near the 1,351 mark. Following a strong performance on Wednesday, where the currency appreciated to 1,348.95, mid-morning trading on Thursday saw the rate hovering around 1,354.01 per dollar.
Market analysts attribute this sustained appreciation to the CBN’s recent decision to reopen the “dollar tap” for licensed Bureau De Change (BDC) operators. By approving weekly FX purchases of up to 150,000 dollars for BDCs, the apex bank has effectively eased shortages in the retail segment. This policy intervention has significantly improved price discovery and transparency, allowing the Naira to trade at its firmest levels since early 2024.
Parallel Market Performance
The parallel market, or “black market,” has reacted to the increased official liquidity with a notable sense of calm. In major commercial hubs like Lagos and Abuja, the Naira remained steady, with the dollar trading at approximately 1,430 to 1,440.
While a spread of roughly 90 Naira still exists between the NFEM and the street rate, the gap has stabilized as speculative pressure begins to wane. Traders report that the direct involvement of BDCs in the official window has started to satisfy legitimate retail needs for personal travel and small-scale business transactions, reducing the frantic demand that often drives up prices in the informal sector.
Summary of Rates for February 12
- NFEM (Official) Opening: 1,351.65
- NFEM (Official) Current: 1,354.01
- Parallel Market Average: 1,430 – 1,440
As the week progresses, the focus remains on the sustainability of the CBN’s liquidity injections. With the Naira currently outperforming major peers and external reserves providing a solid buffer, the outlook for the remainder of February remains bullish. Investors and consumers alike are closely watching the closing rates, which will signal whether the Naira can maintain its newly found ground below the 1,360 threshold.
