The Nigerian Naira maintained its positive momentum against the US Dollar during mid-week trading on Wednesday, February 11, 2026, continuing a period of stability in the official foreign exchange market.
Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened at 1,353.25 per dollar and recorded a high of 1,359.83 before settling at a mid-morning average of 1,355.46. Analysts say this stability follows a strong close on Tuesday and is driven by the Central Bank of Nigeria’s (CBN) refined liquidity management strategies and the efficiency of the Electronic Foreign Exchange Matching System (EFEMS). By speeding up price discovery and ensuring steady dollar supply for corporate bids, the CBN has helped reduce the average exchange rate from the 1,400 levels seen in late January.
Parallel Market Performance
The parallel, or informal, market has mirrored the official market’s resilience, though it continues to trade at a premium. In major commercial hubs such as Lagos, Abuja, and Kano, Bureau De Change operators quote the dollar between 1,425 and 1,440.
Traders report that the “black market” rate has softened in response to the Naira’s strength in the official market. The gap between the two markets remains one of the narrowest in recent months, as a steady supply of currency and the absence of speculative hoarding have prevented sharp spikes. Demand for personal travel and small-scale business transactions is being met without significant pressure on available supply.
Summary of Trading Rates
- NFEM (Official) Opening: 1,353.25
- NFEM (Official) Current: 1,355.46
- Parallel Market Range: 1,425 – 1,440
Market watchers are optimistic for the rest of the week, projecting that the Naira will continue to consolidate within the 1,350 to 1,365 range. With Nigeria’s external reserves showing signs of growth, the local currency is well-positioned to maintain its defensive stance against the greenback through mid-February.
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