By By Elizabeth Ugbo
The Nigerian Naira traded steadily against the United States Dollar on Tuesday morning, February 17, 2026, in the Nigerian Foreign Exchange Market (NFEM), as traders and investors responded to early-week demand. The currency hovered within the 1,350 range due to sustained liquidity management by the Central Bank of Nigeria (CBN). Market participants monitored both official and parallel windows to assess short-term momentum and broader February outlook.
Official Market Trends: Naira Trades Within 1,350 Band
The Naira opened Tuesday’s session at 1,351.18 per dollar in the NFEM. However, by mid-morning, the rate adjusted slightly to an average of 1,354.86 per dollar.
This movement reflects moderate corporate demand at the start of the week. Despite the shift, the Naira remained firm and avoided sharp volatility.
Financial analysts attribute the currency’s relative stability to the transparent price-matching system under the Electronic Foreign Exchange Matching System (EFEMS). In addition, the current Monetary Policy Rate (MPR) continues to support domestic stability.
Notably, the official exchange rate has stayed below the 1,400 mark for more than two weeks. This trend signals improved market confidence and better liquidity coordination by the apex bank.
Parallel Market Reflects Stability Despite Premium
Meanwhile, the parallel market mirrored the calm seen in the official window. However, it maintained its traditional premium.
In major commercial centres such as Lagos, Abuja, and Kano, Bureau De Change operators quoted the dollar between 1,425 and 1,440.
Traders reported steady dollar supply across retail segments. Demand for personal travel and small-scale business transactions remained moderate.
Furthermore, the narrowing gap between the NFEM and the parallel market discouraged speculative hoarding. As a result, consumers and small business owners experienced a more predictable trading environment.
Market Outlook: Investors Watch Closing Rates
As trading continues, investors are watching whether the Naira will reclaim its early opening strength.
Importantly, Nigeria’s external reserves continue to provide a buffer against external shocks. This support strengthens overall market confidence.
Looking ahead, analysts maintain a cautiously optimistic outlook for the rest of February. Nevertheless, closing rates later today will offer clearer direction for the week’s momentum.
