The naira appreciated against the United States dollar on the first trading day of February 2026, closing at N1,384.5/$ at the official foreign exchange market.
Data published on Monday on the Central Bank of Nigeria (CBN) website showed the local currency strengthening modestly from N1,391/$ recorded on the final trading day of January 2026, signalling a firmer start to the new month.
Year-on-year, the naira also traded significantly stronger than on the first trading day of February 2025, when it closed at about N1,500/$ at the official market amid heightened volatility.
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The parallel market opened in February 2026 with the naira exchanging at N1,453/$, narrowing the gap with the official rate to N62, compared with N68 at the end of January. This contrasts sharply with February 2025, when the naira traded as weak as N1,620/$ in the parallel market, creating a gap of about N111.
The narrower spread between the official and parallel markets points to relatively improved price discovery and alignment in the foreign exchange market, although analysts note that demand pressures and exposure to external shocks remain key risks.
Nigeria’s external reserves continue to provide an important buffer. As at the period under review, reserves stood at $46.18 billion, supporting the CBN’s capacity to manage foreign exchange market fluctuations and sustain confidence.
