Naira Gains Ground as Dollar Exchanges at ₦1,371 Official, ₦1,450 Black Market on February 5, 2026

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 The Nigerian Naira maintained its upward momentum against the US Dollar today, trading at approximately ₦1,371.40 in the official Nigerian Foreign Exchange Market (NFEM) by mid-morning, up from an opening of ₦1,368.56.

This marks a continuation of the Naira's recent strengthening, supported by robust external reserves (nearing $46.6 billion) and the Central Bank of Nigeria's (CBN) market-driven strategies without heavy direct interventions in recent sessions. Analysts credit improved forex inflows, better supply conditions, and policy consistency for the gains, which have helped narrow the gap between official and parallel markets.

In the parallel (black) market, the Dollar is buying at around ₦1,430–₦1,440 and selling at ₦1,450–₦1,465, reflecting a modest premium but one of the tightest spreads in months. This convergence signals growing confidence in the official window.

Mid-market rates from international platforms like Xe and Wise hovered around ₦1,370–₦1,431, providing a global benchmark.

Financial experts note that while external pressures remain, Nigeria's improving fundamentals— including oil revenues and reserve buffers—position the Naira for further stability. Traders and businesses are advised to monitor CBN announcements for any policy shifts.

The Naira has appreciated notably in early 2026, with the official rate dropping from highs above ₦1,440 earlier in the year. This trend, if sustained, could ease import costs and inflationary pressures.

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