Naira Holds Steady Against Dollar on February 9, 2026: Official Rate at ₦1,364, Black Market Steady at ₦1,440–1,455

 

The Nigerian Naira maintained its recent stability against the US Dollar as trading resumed on Monday, with the official Nigerian Foreign Exchange Market (NFEM) quoting around ₦1,363.84 per dollar in early sessions. This marks a slight improvement from the previous Friday's close of approximately ₦1,366.96, signaling continued appreciation pressure on the greenback.

According to data from the Central Bank of Nigeria (CBN) and market trackers, the official window has hovered in the ₦1,360–1,370 range in recent days, supported by interventions that direct corporate and institutional demand away from informal channels. Mid-market rates from global converters like Xe and Wise aligned closely, showing $1 USD exchanging for about ₦1,363–1,367.

In the parallel market, Bureau De Change (BDC) operators in major cities including Lagos, Abuja, and Kano quoted the dollar in a narrow band of ₦1,440 to ₦1,455. Buy rates were often around ₦1,445, while sell rates reached up to ₦1,455, reflecting a premium of roughly ₦80–90 over the official rate. This gap has narrowed compared to earlier 2026 highs, suggesting easing speculative activity and improved forex supply dynamics.

Analysts attribute the Naira's resilience to the CBN's ongoing reforms, including enhanced liquidity in the official market and efforts to curb arbitrage opportunities. However, external factors such as global oil prices and investor sentiment toward emerging markets could influence future movements.

For individuals and businesses, experts recommend utilizing official or licensed channels for transfers to minimize costs and risks associated with the informal market. Rates are subject to intraday changes—always verify with primary sources before transacting.