Early today, February 5, 2026, the Nigerian Naira continued to outperform the U.S. dollar. 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.
Naira began trading today at about 1,368.56 per dollar on the Nigerian Foreign Exchange Market (NFEM). 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.
The Central Bank of Nigeria’s (CBN) aggressive market-matching strategies and the ongoing expansion of Nigeria’s external reserves, which have served as a robust buffer against external shocks, are credited by financial analysts with this prolonged recovery. The transparency of the Electronic Foreign Exchange Matching System (EFEMS) continues to be cited as a primary driver for the narrowing of bid-ask spreads in the official window.
The parallel/black market, has followed the downward trend of the official rate, reflecting improved confidence in the currency. In major commercial centres 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.
Remittances from diaspora and small-scale exports are reportedly supporting the available pool of dollars for individual buyers, BrandSpur banking and finance news desk reports.
