The Nigerian Naira opened the new trading week with a slight gain against the US Dollar on Monday, February 23, 2026. Data from the Nigerian Foreign Exchange Market (NFEM) and informal trading desk indicates a continued trend of relative stability as the central bank maintains its strategic interventions in the market.
Official Market Performance (NFEM)
In the official window, the Naira showed resilience, trading at an opening rate of 1,339.18 per dollar. This reflects a modest appreciation from the closing rate of 1,343.36 recorded during the previous session on Sunday. Throughout the early hours of Monday, the rate fluctuated within a tight corridor, touching a high of 1,342.98 before settling lower.
The current performance follows a period of active price discovery, with the Central Bank of Nigeria (CBN) citing its latest macroeconomic outlook as a guiding force for the currency’s current path. The official mean rate for the month remains near 1,346.32, suggesting that today’s early trading figures are slightly stronger than the recent average.
Parallel Market Trends
The parallel market continues to operate with a slim premium over the official rate, as the gap between the two windows remains historically narrow. As of this morning, informal traders are quoting the dollar at rates between 1,355 and 1,362 per dollar.
The convergence of rates is largely attributed to improved liquidity and the absence of the sharp speculative demand that characterized previous quarters. Market participants note that while the “black market” remains an alternative for immediate retail needs, the stability of the NFEM has reduced the urgency for high-premium transactions in the informal sector.
Market Drivers and Outlook
Several domestic and international factors are influencing the Dollar-to-Naira trajectory today:
Liquidity Support: The CBN’s consistent supply to Bureau De Change (BDC) operators and authorized dealers has successfully mopped up excess retail demand, preventing a blowout in the exchange rate.
Interest Rate Policy: With the Monetary Policy Rate (MPR) currently at 27.00%, the high-interest-rate environment continues to attract carry-trade interest, supporting the Naira’s value.
Inflation Trends: Nigeria’s inflation rate, which was recently recorded at 15.10% for January 2026, shows signs of deceleration compared to the highs of 2024 and 2025, providing a more stable environment for the local currency.
Financial experts anticipate that the Naira will continue to trade within the 1,335 to 1,350 range in the official window for the remainder of the week, provided global oil prices remain steady and domestic production targets are met.
