The Nigerian naira remained stable against the United States dollar on Monday, February 9, 2026. This stability marked the start of the second week of trading in the foreign exchange market.
Overall, the currency continued to benefit from consistent policy support and improved market confidence.
In the Nigerian Foreign Exchange Market (NFEM), the naira opened trading slightly stronger. It exchanged at ₦1,363.84 per dollar, improving on Friday’s closing rate of ₦1,366.96.
During early trading, the exchange rate moved within a narrow band. Specifically, it fluctuated between ₦1,363.35 and ₦1,363.84.
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This tight range reflected cautious but steady market sentiment.
Moreover, analysts linked the stability to the Central Bank of Nigeria’s (CBN) management of the Electronic Foreign Exchange Matching System (EFEMS). As a result, transparency has improved, and price gaps have narrowed across market segments.
Meanwhile, with inflation at 15.15 per cent and the Monetary Policy Rate fixed at 27.00 per cent, the naira remained comfortably below the ₦1,400 psychological level.
Parallel Market Mirrors Calm Trend
Similarly, the parallel market showed no major volatility. In Lagos, Abuja and Kano, Bureau de Change operators quoted the dollar between ₦1,440 and ₦1,455.
Although the informal market still trades at a premium, the spread has reduced sharply. In contrast to late 2025, price swings have remained limited so far.
According to traders, foreign exchange supply continues to meet retail demand. In addition, demand for personal travel and small-scale imports has remained moderate.
Notably, traders reported minimal speculative activity at the start of the week. This, they said, reflects the CBN’s ongoing effort to channel corporate demand through the official window.
Consequently, the strategy has helped prevent sudden intraday spikes in the parallel market. It has also reinforced confidence among market participants.
Market Outlook for the Week
Opening Rates Snapshot:
- NFEM (Official) Opening: ₦1,363.86
- NFEM (Official) Current: ₦1,363.84
- Parallel Market Range: ₦1,440 – ₦1,455
Going forward, investors will monitor foreign exchange inflows closely. In particular, attention will focus on whether the naira can break below the ₦1,360 support level.
For now, however, the outlook for February remains positive. The naira continues to defend its position against the dollar amid improving market conditions.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
