The Nigerian naira sustained its positive momentum in the official foreign exchange market on Tuesday, February 10, 2026, appreciating further against the United States dollar amid improving liquidity and effective price discovery mechanisms.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at ₦1,361.97 to the dollar. As transactions progressed, the local currency strengthened steadily, exchanging at ₦1,356.10 by mid-morning. Latest market data showed the dollar trading at ₦1,355.73, reflecting continued appreciation.
The latest movement represents a marked improvement from Monday’s opening levels and indicates that the naira is testing new support levels below the ₦1,360 mark. Analysts attribute the performance to enhanced transparency in the official market, driven by the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS), which allows for efficient bid-ask price matching.
Market watchers also note that the retention of the Monetary Policy Rate (MPR) at 27.0 per cent has continued to attract portfolio inflows, helping to reinforce the naira’s resilience against the dollar.
Parallel Market Mirrors Gains
The parallel market followed a similar trend, though the exchange rate remained slightly higher than official levels. In major cities including Lagos, Abuja and Port Harcourt, Bureau De Change operators quoted the dollar between ₦1,435 and ₦1,450.
The spread between official and parallel market rates has narrowed noticeably in recent days, suggesting a decline in speculative activities. Currency traders in Lagos confirmed that supply has been largely sufficient to meet current demand for retail transactions and personal travel allowances.
They added that the absence of panic buying—commonly observed at the beginning of the month—signals growing confidence among market participants in the stability of the naira.
Naira Extends Gains Against Dollar as FX Liquidity Improves
