Throughout the Tuesday morning trading session on February 3, 2026, the Nigerian Naira remained steady in relation to the US dollar. The local currency is still trading within a consolidated range after a strong start to the week as market players respond to the most recent macroeconomic data from the Central Bank of Nigeria (CBN).
Official Trends in the Market
The Naira began trading on the Nigerian Foreign Exchange Market (NFEM) at about 1,391.00 per dollar. The dollar was trading at 1,400.54 by midmorning, when the rate saw slight swings.
As business demand for the upcoming month starts to increase, this change represents a minor intraday adjustment. The official currency rate has been supported by a stable Monetary Policy Rate (MPR) of 27.00% and a comparatively low inflation rate of 15.15%, according to the CBN’s most recent data. The Naira has successfully defended its recent advances below the 1,450 barrier, demonstrating how effective price discovery is made possible by the transparency offered by computerized matching systems.
Market Performance in Parallel
In contrast to the official sector, the parallel market, also known as the informal window, exhibits a tiny spread in exchange rates. The dollar is quoted between 1,470 and 1,485 by Bureau De Change operators in important business centers like Lagos and Abuja.
Traders indicate that the lack of speculative pressure has prevented major fluctuation in the rate, even if the informal market still commands a premium. As the first week of February progresses, a consistent supply of currency is currently meeting retail demand for small-scale business transactions and personal travel, which has helped to maintain the general feeling of market stability.
An overview of trading rates
Official NFEM Opening: 1,391.00
Current of NFEM (Official): 1,400.54
Range of the Parallel Market: 1,470–1,485
The Naira’s future is still cautiously positive. According to analysts, the currency is likely to continue its current defensive stance as long as foreign reserves remain strong and crude oil production stays steady. The day’s closing rates are of special interest to investors since they will shed more light on the market’s trajectory for the rest of the week.
