The Nigerian naira recorded gains against the United States dollar on Wednesday, appreciating in both the official and parallel foreign exchange markets.

At the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,369 per dollar, improving from N1,376/$ recorded on Tuesday, according to data released by the Central Bank of Nigeria (CBN).

The development represents a N7 appreciation in the official exchange rate.

In the parallel market, the local currency also appreciated, trading at N1,385 per dollar, compared to N1,390/$ on Tuesday.

Despite the gains in both markets, the exchange rate gap between the official and parallel markets widened slightly to N16 per dollar, up from N14 recorded the previous day.

Meanwhile, trading activity at the official foreign exchange market declined significantly, with interbank turnover dropping by 66.5 per cent to N90.3 million, down from N269.9 million recorded on Tuesday.

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The Nigerian Naira maintained a stable but cautious position against the United States dollar during Tuesday morning trading on February 17, 2026, as currency markets opened the week on a relatively calm note.

After a weekend of steady consolidation, the local currency continued to trade around the ₦1,350 range at the official window, reflecting the impact of liquidity management efforts by the Central Bank of Nigeria.

Official Market Trends

At the Nigerian Foreign Exchange Market (NFEM), the naira opened the session at about ₦1,351.18 per dollar. By mid-morning, the exchange rate recorded a slight adjustment, with the dollar trading at an average of ₦1,354.86.

The movement suggests a mild pullback from the early session level of ₦1,351, as market participants responded to early-week corporate demand.

Analysts say the naira has largely avoided the typical mid-month volatility, attributing the stability to the transparent price-matching system of the Electronic Foreign Exchange Matching System (EFEMS). With the Monetary Policy Rate (MPR) positioned to support domestic stability, the official exchange rate has remained below the ₦1,400 threshold for more than two weeks.

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The naira closed the week slightly weaker at the official foreign exchange market, settling at N1,421.9 per dollar, despite a softer U.S. dollar in global markets.

Data from the Central Bank of Nigeria (CBN) shows that domestic dollar supply constraints continued to outweigh supportive external conditions, keeping pressure on the local currency throughout the trading week.

Although the naira avoided sharp volatility, it failed to sustain early-week gains, reflecting persistent distortions in Nigeria’s foreign exchange market.

At the official window, the naira closed at N1,421.9/$ on Friday, compared to N1,421.5/$ on Thursday and N1,423/$ on Wednesday. Earlier in the week, the currency traded at N1,420/$ on Tuesday and N1,420.5/$ on Monday, after opening at N1,425/$.

Compared with the previous week’s closing rate of N1,417.95/$, the naira ended the week marginally weaker.

In the parallel market, the naira depreciated slightly to N1,491/$ on Friday, from N1,490/$ the previous day. Weekly trading ranged between N1,483 and N1,491 per dollar, widening the gap between the official and street markets to about N70/$.

A Lagos-based currency trading expert, Dayo Omole, attributed the divergence to ongoing supply challenges.

“Nigeria has restrictions on foreign currency access and a limited dollar supply, so the naira may not strengthen significantly in the parallel market,” Omole said.

He noted that movements in the global dollar do not always translate into gains for the naira, as domestic supply-demand dynamics often dominate price action.

“When the dollar weakens globally but Nigeria continues to struggle with FX supply, the gap between official and parallel market rates can widen further,” he added.

Nigeria’s foreign exchange market has remained under strain following years of FX controls, multiple exchange rate regimes, and weak dollar inflows.

Despite recent reforms by the CBN aimed at improving transparency and market efficiency, structural challenges continue to affect liquidity and price discovery.

FX supply has remained constrained due to weaker oil export receipts, subdued foreign portfolio investment, and inconsistent diaspora remittances. The persistent gap between official and parallel market rates reflects unmet demand and lingering confidence issues among market participants.

Meanwhile, Nigeria’s external reserves stood at $45.9 billion last week, according to the CBN, providing some buffer for currency management.

The International Monetary Fund (IMF) recently upgraded Nigeria’s 2026 economic growth forecast to 4.4 per cent, citing optimism around ongoing economic reforms.

However, analysts note that geopolitical risks and policy uncertainty in the United States continue to add volatility to global FX markets, indirectly affecting frontier currencies such as the naira.

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Naira to Dollar Exchange Rate Today – Official ₦1,422.75, Parallel ₦1,465–₦1,475

The Nigerian Naira maintained a steady performance against the United States Dollar on Friday, January 16, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market. The stability is attributed to proactive Central Bank of Nigeria (CBN) interventions and improved banking liquidity.

Official Market Performance

Data from the NFEM shows the official exchange rate opening at ₦1,422.75 per USD, a slight appreciation from Thursday’s close of ₦1,424.57. During morning trading, the Naira fluctuated in a narrow band, with a high of ₦1,424.32 and a low of ₦1,421.05. Analysts suggest that this period of consolidation follows volatility in late 2025 and reflects effective CBN monetary policies.

Parallel Market Trends

In the parallel market, the Naira is trading between ₦1,465 and ₦1,475 per USD. The gap between official and parallel rates, known as the arbitrage gap, has narrowed compared to previous years. Bureau de Change operators in Lagos and Abuja report moderate dollar demand, as many businesses now access foreign exchange through official channels.

Economic Outlook

The stability of the Naira comes amid cooling inflation and a steady rise in Nigeria’s foreign exchange reserves, providing the CBN with buffers to defend the currency. However, market watchers remain cautious, keeping an eye on global oil price fluctuations and upcoming sovereign debt obligations, which could impact the Naira’s trajectory in the coming weeks.

Key Highlights

• Official Rate: ₦1,422.75/USD
• Parallel Market Rate: ₦1,465–₦1,475/USD
• Supporting Factors: CBN interventions, improved banking liquidity, cooling inflation, rising FX reserves

Risks: Global oil price volatility, upcoming sovereign debt obligations

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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,599 per dollar from N1,604 per dollar on Tuesday, indicating N5 appreciation for the naira.

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The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.

But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 Monday.

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Justice Alexander Owoeye delivered the judgment on Tuesday, convicting Chimaobi on a two-count charge brought by the Economic and Financial Crimes Commission. The EFCC accused him of breaching Section 20 of the Central Bank of Nigeria Act by insisting on receiving $5,700 for the sale of a Cartier diamond bracelet, instead of accepting the naira, Nigeria’s official currency.

Initially pleading not guilty during his arraignment in February, Chimaobi faced a full trial. The EFCC presented testimony from one of its operatives, who revealed that intelligence was received about Chimaobi’s jewellery business, Unlimited Jewellers Limited, located at Atlantic Mall in Lekki. The business was flagged for listing and transacting products exclusively in U.S. dollars.

An undercover EFCC agent visited the store, posing as a buyer, and confirmed that the Cartier bracelet priced at $6,000 was sold to him for $5,700, with payment made strictly in dollars. No naira was accepted, and the transaction receipt was issued in the foreign currency. Following the sting operation, Chimaobi was arrested and taken into custody.

During a later court session on April 14, the defendant changed his plea to guilty. The EFCC prosecutor requested that the court admit the previous evidence as proof of guilt. The judge granted the request and proceeded to deliver a ruling the next day.

Justice Owoeye found Chimaobi guilty and sentenced him to four years behind bars, with an option of a N50,000 fine for the first count and N600,000 for the second. Additionally, the Cartier diamond bracelet involved in the transaction was ordered forfeited to the Nigerian government.

Chimaobi’s conviction marks a significant enforcement of the Central Bank’s directive that prohibits pricing and payment in foreign currencies within the country, aiming to reinforce the sovereignty of the naira in local transactions.

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However, it appreciated in the Nigerian Foreign Exchange Market (NFEM), rising to N1,510.33 per dollar from N1,512.58.

This reflects a modest gain of N2.25 for the Naira, indicating some resilience in the official currency market.

According to FMDQ data, the margin between parallel and NFEM rates widened significantly to N54.67 from N42.42 per dollar.

This widening gap raises concerns among analysts about market stability, potentially encouraging currency speculation and arbitrage opportunities.

Traders attribute the Naira’s parallel market depreciation to higher foreign exchange demand by importers and local businesses.

Analysts warn that continuous fluctuations in Naira value could increase inflation rates, affecting imports and broader economic growth.

The Central Bank of Nigeria (CBN) remains committed to stabilizing the Naira through strategic interventions and policy reforms.

Market experts are closely monitoring upcoming monetary policy decisions, which could shape the Naira’s direction across currency markets.

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The Naira yesterday depreciated to N1,710 per dollar in the parallel market from N1,690 per dollar on Wednesday.

Similarly, the Naira depreciated to N1,660.49 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,660.49 per dollar from N1,659.69 per dollar on Wednesday , indicating 80 kobo depreciation for the naira.

The volume of dollars traded (turnover) in the official market grew by 86.4 percent to $330.18 million from $177.1 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.51 per dollar from N30.31 per dollar on Wednesday.

 

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This marks a 0.29% decline from the previous rate of N1,695/$1, recorded just days earlier on October 11.

Despite rising global crude oil prices, now exceeding $80 per barrel, the naira continues to face significant pressure. In contrast, the currency remained relatively stable in the Investors and Exporters (I&E) window, closing at N1,641.27/$1, although this still represents a 1.14% depreciation from its previous rate of N1,622.57/$1.

The naira has seen sustained devaluation throughout 2024, losing over 50% of its value since January, when it traded at N907.11/$1. Notable declines include a record low of N1,616.53/$1 in February, followed by a brief recovery to N1,303/$1 in March, before its current slide to N1,700/$1 in October.

By the end of September, the naira was trading at N1,668.97/$1, with its continued weakening indicating mounting concerns over Nigeria’s foreign exchange system.

Key Data Points:

• Parallel Market: The naira dropped from N1,695/$1 to N1,700/$1 on October 14, marking a 0.29% decrease.
• I&E Window: On October 11, the naira closed at N1,641.27/$1, down 1.15% from the previous day’s rate of N1,622.57/$1. The currency fluctuated significantly, reaching a high of N1,675.00/$1 and a low of N1,591.00/$1.
• Trading Volume: Market activity surged in the I&E window, with trading volumes hitting $616.73 million, up from $145.56 million the day before, reflecting heightened demand for the dollar.

The depreciation is driven by several macroeconomic factors, including persistent dollar shortages, inflation, and Nigeria’s reliance on the parallel market for foreign exchange. Although oil prices have risen, providing some economic relief, the naira remains under significant pressure.

Furthermore, Nigerian crude oil is still trading above $80 per barrel, and recent policy decisions, such as allowing marketers to source fuel from local refineries like Dangote’s, could help ease some of the currency pressures.

Outlook
While the naira’s breach of the N1,700/$1 mark raises concerns, there is potential for short-term recovery. If global oil prices continue to rise and new economic policies aimed at curbing foreign exchange demand prove effective, the naira could recover to the N1,600/$1 range in the coming weeks. However, the broader macroeconomic environment, including inflation and foreign currency supply, will play a crucial role in determining the currency’s future trajectory.

Effective policy responses will be essential to stabilizing the naira and preventing further depreciation.

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