Dollar to Naira Exchange Rate Today, February 5, 2026

On February 5, 2026, the Nigerian Naira continued its upward trend against the United States Dollar, reflecting a strong performance in the early hours of trading.

This improvement has been notable since the beginning of the week, fueled by robust liquidity levels in the official market.

In the Nigerian Foreign Exchange Market (NFEM), the Naira commenced the trading session at approximately 1,368.56 per dollar.

By mid-morning, the exchange rate adjusted slightly to settle at 1,371.40. This new valuation marks a significant appreciation from the 1,388 levels recorded just the previous day.

Financial analysts attribute this ongoing recovery to the Central Bank of Nigeria’s (CBN) proactive market-matching strategies, alongside an increase in Nigeria’s external reserves, which act as a protective buffer against external shocks.

Additionally, the transparency of the Electronic Foreign Exchange Matching System (EFEMS) is noted as a key factor in reducing bid-ask spreads within the official market, promoting healthier trading conditions.

The parallel market, or informal window, has followed the downward trend of the official rate, reflecting improved confidence in the currency. In major commercial centers like Lagos (Ikeja and Island), Abuja, and Kano, the dollar is currently being exchanged at rates between 1,450 and 1,465.

While the “black market” continues to trade at a premium over the NFEM, the spread has contracted to one of its lowest margins in months. Bureau De Change operators report that retail demand remains steady but lacks the speculative volatility that historically plagued the market. Supply from diaspora remittances and small-scale exports is reportedly supporting the available pool of dollars for individual buyers.

Summary of Rates for February 5
NFEM (Official) Opening: 1,368.56
NFEM (Official) Current: 1,371.40
Parallel Market Range: 1,450 – 1,465

The outlook for the Naira for the remainder of the week remains bullish. If the current supply levels in the official window are maintained, experts predict the currency may attempt to test the 1,350 support level before the close of Friday’s session. For now, the stability is providing a welcome reprieve for businesses and consumers dealing with international transactions.