Naira Maintains Stability Against Dollar as CBN FX Measures Keep Markets Calm

Naira Maintains Stability Against Dollar as CBN FX Measures Keep Markets Calm

The Nigerian Naira showed relative stability against the United States Dollar during Tuesday, February 17, 2026, trading sessions in both official and parallel foreign exchange markets. After a weekend of consolidation, the local currency continued to hover around the ₦1,350 band, reflecting the effectiveness of the Central Bank of Nigeria’s (CBN) liquidity management policies.

In the official Nigerian Foreign Exchange Market (NFEM), the Naira opened at ₦1,351.18 per dollar and adjusted slightly by mid-morning to ₦1,354.86, a movement attributed to early-week corporate demand. Analysts say the Electronic Foreign Exchange Matching System (EFEMS) and the Monetary Policy Rate (MPR) have helped anchor the official exchange rate below the ₦1,400 mark for over two weeks, providing a predictable environment for businesses and investors.

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Meanwhile, in the parallel market, the Naira traded at a traditional premium, ranging from ₦1,380 to ₦1,440 per dollar in commercial hubs like Lagos, Abuja, and Kano. Traders reported sufficient dollar supply for personal travel and small-scale business transactions, noting that the narrowing gap between official and parallel rates has discouraged speculative hoarding and improved market efficiency.

Recent CBN interventions, including expanding access to licensed Bureau De Change operators and enforcing regulatory compliance, have strengthened FX liquidity, allowing for more transparent price discovery. Combined with Nigeria’s moderating inflation rates and robust external reserves of around $49 billion, these measures have bolstered confidence in the Naira and helped limit excessive volatility.

Market watchers, however, caution that challenges remain, including uneven foreign exchange inflows and persistent demand pressures in the informal sector. Sustaining the Naira’s stability in the coming weeks will depend on continued policy consistency, enhanced liquidity provision, and investor participation across sectors.

Summary of Rates on February 17, 2026:

• Official NFEM Opening: ₦1,351.18 per $1
• Official NFEM Mid-Morning: ₦1,354.86 per $1
• Parallel Market Range: ₦1,380 – ₦1,440 per $1

Analysts remain cautiously optimistic that the Naira can maintain its stability and momentum for the remainder of February, provided that external reserves and FX supply measures continue to support the market.

Naira Maintains Stability Against Dollar as CBN FX Measures Keep Markets Calm