The Nigerian Naira started the third week of February 2026 on a steady note, continuing the positive momentum observed in the first half of the month. Trading on Monday morning reflected a resilient local currency, bolstered by sustained liquidity measures and a noticeable easing of speculative pressures in the market.
At the official Nigerian Foreign Exchange Market (NFEM), the Naira opened at around 1,353.54 per U.S. dollar. By mid-morning, it edged slightly higher to 1,354.15, demonstrating only minor fluctuations as traders assessed the early session. The currency’s steady performance comes after successfully distancing itself from the psychological 1,400 per dollar resistance level, which had tested investor confidence in recent weeks.
Financial analysts point to several factors underpinning the Naira’s resilience. The Central Bank of Nigeria’s (CBN) consistent policy on transparent foreign exchange price discovery has provided clarity for market participants, while the Electronic Foreign Exchange Matching System (EFEMS) has ensured smooth execution of transactions. Additionally, measures to boost retail-end liquidity via licensed Bureau De Change operators have absorbed pressures that previously weighed on the official market window.
Meanwhile, activity in the parallel market remained largely stable, with the exchange rate showing a narrow spread relative to the official rate. In commercial hubs such as Lagos, Abuja, and Kano, Bureau De Change operators reported U.S. dollars trading between 1,420 and 1,435 per Naira. The absence of sharp volatility in both the official and parallel markets suggests growing confidence among traders in the Naira’s current valuation. Supply is reportedly meeting demand for personal travel allowances and small-scale business needs, further discouraging speculative hoarding that in the past contributed to abrupt currency swings.
Market watchers are optimistic about the Naira’s trajectory for the remainder of the week. With Nigeria’s external reserves exhibiting steady growth and the CBN maintaining a proactive stance on liquidity management, the local currency appears well-positioned to hold its defensive posture around the 1,350 level. Investors will continue monitoring trade volumes closely to assess the depth of support for the Naira as the week progresses.