The Nigerian Naira maintained its positive momentum against the United States Dollar during the mid-week trading session on Wednesday, February 11, 2026. The local currency continues to find a firm support level in the official market, marking a period of sustained stability that has characterized much of the current month.
Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading day at approximately 1,353.25 per dollar. Following the opening bell, the currency experienced minor fluctuations, showing a high of 1,359.83 before settling at a mid-morning average of 1,355.46.
This performance follows a strong close on Tuesday, where the Naira successfully held its ground near the 1,353 mark. Market analysts attribute this consistency to the Central Bank of Nigeria’s (CBN) refined liquidity management strategies and the increased efficiency of the Electronic Foreign Exchange Matching System (EFEMS). By reducing the time required for price discovery and ensuring a steady supply of dollars for corporate bids, the CBN has successfully lowered the average exchange rate from the 1,400 levels seen in late January.
Parallel Market Performance
The parallel market, or informal window, has mirrored the resilience seen in the official sector, though it continues to trade at a characteristic premium. In major commercial hubs like Lagos, Abuja, and Kano, Bureau De Change operators are quoting the dollar between 1,425 and 1,440.
Traders report that the “black market” rate has softened in response to the Naira’s strength in the NFEM. The gap between the two markets remains one of the narrowest observed in recent months, as the absence of speculative hoarding and a steady supply of retail currency have kept price spikes at bay. Demand for personal travel and small-scale business transactions is being met without significant pressure on the available supply.
Summary of Trading Rates
- NFEM (Official) Opening: 1,353.25
- NFEM (Official) Current: 1,355.46
- Parallel Market Range: 1,425 – 1,440
The outlook for the remainder of the week remains optimistic, with financial experts projecting that the Naira will continue to consolidate within the 1,350 to 1,365 range. As Nigeria’s external reserves show signs of further growth, the local currency is well-positioned to maintain its defensive posture against the greenback through the mid-February period.
