The Nigerian Naira began the first trading week of February 2026 on a steady footing, maintaining its position within the 1,390 range in the official market. As businesses resume full operations for the new month, the foreign exchange market is showing signs of sustained liquidity following the central bank’s successful interventions throughout January.

Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the day’s session at approximately 1,398.86 per dollar. By the mid-morning trading period on Monday, February 2, the rate showed a slight appreciation, with the dollar trading at 1,396.88.

The early morning data indicates a relatively calm start to the month, with the exchange rate oscillating between a high of 1,398.86 and a session low of 1,394.13. Market analysts suggest that this stability is a direct result of the Central Bank of Nigeria’s (CBN) consistent policy of clearing verified FX backlogs and the successful integration of the Electronic Foreign Exchange Matching System (EFEMS), which has fostered greater transparency in price discovery.

Parallel Market Performance
The parallel market, or informal sector, has mirrored the stability seen in the official window, albeit at its characteristic premium. In major commercial hubs across Lagos, Abuja, and Kano, Bureau De Change operators reported the dollar trading between 1,465 and 1,480.

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