The Nigerian Naira extended its winning streak against the United States Dollar during the early hours of Thursday, February 5, 2026. Building on the momentum from the start of the week, the local currency has significantly improved its position in the official market, as liquidity levels remain robust.
Official Market Performance
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened today’s trading session at approximately 1,368.56 per dollar. By mid-morning, the rate saw a slight adjustment, with the exchange rate settling at 1,371.40.
This current valuation represents a notable appreciation from the 1,388 levels seen just 24 hours ago. Financial analysts attribute this sustained recovery to the Central Bank of Nigeria’s (CBN) aggressive market-matching strategies and the continued growth of Nigeria’s external reserves, which have provided a strong cushion against external shocks. The transparency of the Electronic Foreign Exchange Matching System (EFEMS) continues to be cited as a primary driver for the narrowing bid-ask spreads in the official window.
Parallel Market Trends
The parallel market, or informal window, has followed the downward trend of the official rate, reflecting improved confidence in the currency. In major commercial centers like Lagos (Ikeja and Island), Abuja, and Kano, the dollar is currently being exchanged at rates between 1,450 and 1,465.
While the “black market” continues to trade at a premium over the NFEM, the spread has contracted to one of its lowest margins in months. Bureau De Change operators report that retail demand remains steady but lacks the speculative volatility that historically plagued the market. Supply from diaspora remittances and small-scale exports is reportedly supporting the available pool of dollars for individual buyers.
Summary of Rates for February 5
- NFEM (Official) Opening: 1,368.56
- NFEM (Official) Current: 1,371.40
- Parallel Market Range: 1,450 – 1,465
The outlook for the Naira for the remainder of the week remains bullish. If the current supply levels in the official window are maintained, experts predict the currency may attempt to test the 1,350 support level before the close of Friday’s session. For now, the stability is providing a welcome reprieve for businesses and consumers dealing with international transactions.
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