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