Dollar to Naira Exchange Rate Today, February 2, 2026

In early February 2026, the Nigerian Naira demonstrated stability in the foreign exchange market, maintaining its trading range around 1,390 in the official sector.

With businesses resuming full operations as the new month began, the market exhibited signs of sustained liquidity, largely attributed to successful interventions by the Central Bank of Nigeria (CBN) throughout January.

On February 2, the Naira opened at an exchange rate of approximately 1,398.86 Naira per dollar. By mid-morning, there was a slight appreciation, with the rate adjusting to 1,396.88 Naira. The early trading data indicated a calm market environment, with the exchange rate fluctuating between a high of 1,398.86 and a low of 1,394.13.

Market analysts attribute this stability to the CBN’s ongoing efforts to clear verified foreign exchange backlogs and the successful implementation of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency in price discovery.

In the parallel market, which typically operates at a premium to the official rate, there has been a reflection of this stability. Bureau De Change operators in major urban areas such as Lagos, Abuja, and Kano reported dollar trading rates between 1,465 and 1,480 Naira. Despite the usual increase in demand for imports and travel at the start of the month, the parallel market has remained notably stable.

Analysts suggest this stability may be influenced by a reduction in speculative hoarding, as the narrowing gap between the official and black market rates has deterred aggressive speculative behavior observed in the past. Overall, the supply in the informal sector appears sufficient to satisfy current retail demands, including small-scale business operations and personal remittances.

Summary of Opening Rates
NFEM (Official) Opening: 1,398.86
NFEM (Official) Current: 1,396.88
Parallel Market Range: 1,465 – 1,480

The outlook for the Naira in February remains cautiously optimistic. With Nigeria’s external reserves holding steady and oil production figures showing a gradual increase, economists believe the currency is well-positioned to maintain its current defensive posture.

The focus for the rest of the week will be on the volume of trades in the official window, which will serve as a key indicator of the market’s depth and the sustainability of the current exchange rate levels.