The Nigerian Naira maintained a relatively stable performance against the United States Dollar during Tuesday’s morning trading session, February 17, 2026, as the local currency continued to trade within the ₦1,350 range in the official market.
After a weekend marked by steady consolidation, the Naira showed resilience in the Nigerian Foreign Exchange Market (NFEM), reflecting ongoing efforts by the Central Bank of Nigeria (CBN) to manage liquidity and stabilise the currency.
Official Market Performance
At the start of trading, the Naira opened at about ₦1,351.18 per dollar. However, as the session progressed into mid-morning, the exchange rate adjusted slightly, with the dollar trading at an average of ₦1,354.86.
The marginal depreciation was attributed to increased early-week demand from corporate participants. Despite this movement, analysts noted that the Naira has remained largely stable and has avoided the sharp fluctuations often experienced during the middle of the month.
Financial experts also credited the stability to the transparent price-matching process introduced through the Electronic Foreign Exchange Matching System (EFEMS), which has improved confidence in the official market.
With the Monetary Policy Rate (MPR) positioned to support economic stability, the official exchange rate has remained below the ₦1,400 mark for more than two weeks.
Parallel Market Activity
In the parallel market, the Naira continued to trade at a higher rate, although market conditions remained calm.
In major cities including Lagos, Abuja, and Kano, Bureau De Change operators quoted the dollar between ₦1,425 and ₦1,440.
Currency traders explained that while demand typically increases at the start of the business week, the availability of dollars has been sufficient to meet the needs of travellers and small-scale business operators.
They also noted that the reduced gap between the official and parallel market rates has helped discourage speculative activities, contributing to improved predictability in the foreign exchange market.
Outlook
Market observers said attention would be focused on the closing rate later in the day to assess the Naira’s short-term direction.
Overall, the outlook for February remains cautiously optimistic, supported by Nigeria’s external reserves, which continue to provide a buffer against external economic pressures.
Naira Trades Steady at ₦1,354/$ in Official Market, Parallel Rate Hits ₦1,440
