The Nigerian Naira started the first trading week of February 2026 on a stable footing, holding firm against both the US Dollar and the British Pound Sterling as businesses resumed full operations for the new month.
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened Monday’s session at 1,398.86 per dollar before appreciating slightly to 1,396.88 by mid-morning on February 2. The exchange rate oscillated between 1,398.86 and 1,394.13, reflecting a calm start to the month.
The British Pound opened at 1,908.75 per Naira, reaching a high of 1,916.86 before settling at approximately 1,909.72. Despite this minor uptick from the previous session’s close of 1,906, the Pound remains below last week’s average of 1,932, indicating that the Naira’s stabilisation trend is holding.
BrandSpur banking and finance news desk reports that market analysts attribute the stability to the Central Bank of Nigeria’s consistent clearing of verified FX backlogs and the successful implementation of the Electronic Foreign Exchange Matching System (EFEMS).
The parallel/black market mirrored official market stability, with Bureau De Change operators quoting the dollar between 1,465 and 1,480, and the Pound between 1,980 and 2,010 across Lagos, Abuja, and Kano.
Continuing, traders report that the narrowing gap between official and black market rates has discouraged speculative hoarding, while adequate supply has prevented the typical early-month spikes despite increased demand for imports, travel, and school fee payments.
The sustained stability in both markets suggests Nigeria’s forex management improvements may be yielding durable results as the country enters the new month.
