The Nigerian Naira kicked off the third week of February 2026 on a promising note, holding firm and building on its recent performance against the United States Dollar. As trading opened this Monday morning, the local currency displayed a sense of calm and stability, largely fueled by ongoing liquidity measures and a noticeable drop in the kind of speculative buying that has often troubled the market in the past.
According to data tracked by Reports within the Nigerian Foreign Exchange Market (NFEM), the Naira opened the week at approximately 1353.54 per dollar. By mid-morning, the rate saw only minor shifts, settling around 1354.15. This steady start is a welcome continuation of the gains seen earlier this month, where the Naira successfully pushed back from the 1400 resistance level that had previously acted as a source of concern for many Nigerians.
Market experts point to several reasons for this current strength. The Central Bank of Nigeria has been consistent with its price discovery policies, and the Electronic Foreign Exchange Matching System is proving to be a robust tool for transparency. Additionally, the strategic move to provide more liquidity to retail users through licensed Bureau De Change operators has significantly reduced the pressure on the official window, making it easier for everyday users to access funds.
On the streets and in the parallel market, the situation is equally balanced. In major hubs like Lagos, Kano, and Abuja, the dollar is being quoted between 1420 and 1435. The fact that we aren’t seeing wild swings at the start of the week suggests that both traders and buyers are becoming more confident in the Naira’s current value. This narrowing gap between the official and parallel rates is also making it less profitable for hoarders to hide foreign currency, which historically has been a major driver of devaluation.
For those keeping an eye on the numbers today, the official NFEM opening stood at 1353.54, with the current mid-day rate hovering near 1354.15, while the parallel market remains within the 1420 to 1435 range.
Looking forward, the general feeling for the rest of the week is one of optimism. With Nigeria’s external reserves showing steady growth and the central bank taking a proactive role in keeping the market liquid, the Naira seems well-positioned to defend its current levels. Investors and business owners will likely be watching the total trade volumes today to see how much support there is for keeping the currency around the 1350 mark.
