The Nigerian naira began the second week of February 2026 on a stable note against the United States dollar, extending its recent run of resilience. Early trading data on Monday, February 9 shows the local currency holding firm, buoyed by sustained policy support and relatively strong external reserves.
At the Nigerian Foreign Exchange Market (NFEM), the naira recorded a modest improvement at the start of the week, exchanging at about ₦1,363.84 to the dollar. This reflects a slight appreciation from Friday’s closing rate of ₦1,366.96 as market activity resumed.
Trading in the official window remained calm, with rates moving within a tight band of ₦1,363.35 to ₦1,363.84 during early sessions. Analysts link this stability to the Central Bank of Nigeria’s continued oversight of the Electronic Foreign Exchange Matching System, which has improved transparency and reduced distortions across market segments. With inflation reported at 15.15% and the Monetary Policy Rate held at 27.00% in early 2026, the naira has managed to stay comfortably below the ₦1,400 threshold.
In the parallel market, the dollar also traded steadily. Bureau De Change operators in key cities such as Lagos, Abuja, and Kano quoted rates between ₦1,440 and ₦1,455. Although the unofficial market continues to trade at a premium to the official window, the gap is far narrower than the sharp swings recorded toward the end of 2025.
Traders say demand for foreign currency to cover personal travel and small-scale imports is being met without strain, limiting speculative activity. The relatively calm conditions suggest that the CBN’s efforts to route large corporate demand through the official market are helping to curb sudden price spikes in the parallel segment.
