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 naira recorded mixed performance across foreign exchange markets, appreciating slightly in the parallel market while weakening at the official window, according to latest market data.

In the parallel market, the local currency strengthened to N1,387 per dollar, improving from N1,389 recorded last Friday, indicating a marginal gain for the naira in informal trading.

However, at the Nigerian Foreign Exchange Market, the naira depreciated to N1,349.7 per dollar, compared to N1,342.5 per dollar at the close of the previous week.

Figures released by the Central Bank of Nigeria showed that the N7.2 decline reflects sustained pressure within the official segment despite ongoing liquidity management efforts.

As a result of the contrasting movements, the gap between the parallel and official exchange rates narrowed to N37.3 per dollar from N47.5 recorded last week, suggesting gradual convergence between both markets.

Meanwhile, activity in the official market dropped significantly, with interbank turnover declining to N18.77 million, representing an 84.9 per cent fall from N124.3 million recorded in the previous session.

Analysts say the reduced trading volume may indicate cautious participation among market players, even as the broader outlook points to ongoing adjustments driven by policy direction and global currency trends.

The latest figures highlight the continued volatility in Nigeria’s foreign exchange market, as authorities intensify efforts to stabilise the naira and improve confidence in the system.

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The Nigerian currency, the naira, recorded a marginal appreciation on Tuesday as it traded at an average of N1,345.47 per dollar in the official market, signaling continued stability in the foreign exchange segment.

Data from the Nigerian Foreign Exchange Market showed that the currency strengthened slightly compared to the previous session, briefly reaching a high of N1,345.87 during early trading hours.

Market analysts attribute the improved performance to sustained liquidity and ongoing regulatory oversight by the Central Bank of Nigeria, which has continued to promote transparency and efficient price discovery in the official window.

The relative calm in the official market is also being supported by consistent interbank activity, with turnover levels reflecting stable participation among financial institutions.

In the parallel market, commonly referred to as the black market, the dollar traded between N1,390 and N1,405 across major commercial cities such as Lagos, Port Harcourt, and Kano.

Although a noticeable gap still exists between official and informal rates, traders report reduced volatility compared to previous weeks, offering a more predictable environment for small-scale importers and retail buyers.

Financial experts note that improved investor sentiment, driven by stronger external reserves and increased foreign portfolio inflows, has contributed to the naira’s recent stability.

They added that efforts to unify exchange rates remain a priority for monetary authorities, with current trends suggesting gradual convergence between both market segments.

For businesses and individuals, the latest exchange rates indicate a period of consolidation, as the market continues to adjust to both domestic monetary policies and global currency pressures, particularly the strength of the U.S. dollar.

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The Nigerian naira maintained relative stability at the official market but weakened in the parallel segment on Friday, highlighting ongoing pressure in the foreign exchange market.

At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at an official rate of N1,340.88 to the dollar, reflecting a more stable trend compared to earlier volatility recorded in the month.

Analysts attribute the relative calm in the official window to recent interventions by the Central Bank of Nigeria, including liquidity injections aimed at easing dollar demand and stabilising the market.

However, the situation in the parallel market painted a different picture, as traders in major cities like Lagos and Abuja quoted the dollar at around N1,250, indicating sustained demand for foreign exchange outside the official window.

The disparity between the official and parallel market rates, though narrower than in previous months, continues to reflect structural challenges within Nigeria’s foreign exchange system.

Market watchers say the gradual convergence of rates is a result of ongoing monetary reforms and improved transparency in price discovery at the NFEM.

Financial experts also link the naira’s recent stability to improved crude oil production and increased foreign exchange inflows, which have helped ease pressure on the local currency.

Despite this, concerns remain over external factors, including global inflation trends and interest rate movements in the United States, which could influence currency flows and impact the naira’s performance in the coming weeks.

For businesses and individuals, the parallel market remains a critical source of foreign exchange, particularly for those seeking immediate access to dollars.

Bureau De Change operators note that while liquidity conditions have improved slightly, demand for the dollar remains strong as economic activities pick up in the second quarter of the year.

Economic analysts warn that sustained stability in the foreign exchange market will depend on consistent policy implementation, improved dollar supply, and broader macroeconomic reforms.

The latest exchange rate movement underscores the delicate balance the Nigerian economy must maintain as it navigates both domestic pressures and global financial dynamics.

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The Central Bank of Nigeria (CBN) has dismissed viral claims circulating on social media alleging the introduction of a new N5,000 banknote.

The apex bank confirmed that the image being shared online is fake and does not represent any official currency design or policy decision.

The clarification comes amid rising concerns over misinformation linked to Nigeria’s financial system and currency management.

Viral Image Sparks Nationwide Reactions

The false claim began spreading across multiple social media platforms, where users shared an image allegedly showing a newly designed N5,000 note.

The image further suggested that the note featured President Bola Tinubu, triggering widespread debate and confusion among users.

Many Nigerians reacted with skepticism, questioning whether the CBN had quietly introduced a higher denomination to address cash scarcity and inflation pressures.

The claims quickly gained traction before being flagged by the apex bank.

CBN Issues Official Rebuttal

In a statement posted on its official X (formerly Twitter) account, the CBN categorically denied the authenticity of the viral image.

The bank stated: “This content is fake. Let the public be guided.”

With that brief but firm response, the institution reaffirmed that no new currency note has been issued or approved.

The clarification aligns with the regulatory mandate of the CBN as the sole authority responsible for issuing legal tender in Nigeria.

Growing Challenge of Financial Misinformation

The incident highlights a broader challenge facing the Nigerian financial ecosystem, where digital misinformation spreads rapidly across social platforms.

False claims about currency redesigns, redenominations, or new denominations often generate public anxiety, particularly in an economy sensitive to cash availability and inflation trends.

In recent years, similar rumours have surfaced, including claims about proposed N5,000 and N10,000 banknotes. These were also previously debunked by the CBN.

Such misinformation often circulates without verification, leading to unnecessary panic and speculation among citizens and market participants.

CBN’s History of Currency Rumour Control

The current clarification is not the first time the CBN has had to address fake currency-related claims.

In previous instances, the bank has consistently warned the public against believing unofficial reports regarding changes to Nigeria’s legal tender.

The institution maintains that any policy decision involving currency redesign, introduction, or redenomination is formally communicated through verified channels.

These include official press releases, regulated media outlets, and announcements from the bank’s communication platforms.

Why Fake Currency Claims Gain Traction

Financial experts argue that false currency reports often spread quickly due to economic uncertainty and low public trust in unofficial online content.

In Nigeria’s case, persistent inflationary pressure and cash management reforms have made citizens more sensitive to perceived changes in currency policy.

Social media platforms further amplify such claims, allowing manipulated or AI-generated images to circulate widely before verification occurs.

This creates an environment where misinformation can influence public perception even without official confirmation.

Regulatory Reassurance to the Public

By debunking the viral claim, the CBN aims to reinforce confidence in Nigeria’s financial system and maintain stability in public expectations.

The bank has repeatedly assured citizens that the country’s currency framework remains unchanged and fully regulated.

It also continues to emphasize the importance of verifying financial information through official sources before sharing or acting on it.

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The Nigerian currency weakened to N1,391 per dollar at the official foreign exchange market, reflecting renewed pressure from a strengthening U.S. dollar and global inflation concerns.

Dollar strength drives decline

The depreciation comes as the U.S. dollar continues to gain against major global currencies, driven by investor demand for safe-haven assets amid economic uncertainty. 

Global inflation fears and geopolitical tensions have further boosted the appeal of the dollar, putting emerging market currencies like the naira under pressure.

Market volatility persists

Currency markets have remained volatile in recent weeks, with the naira fluctuating within a narrow band before weakening toward the N1,390/$ range.

Analysts note that the N1,400/$ level remains a key psychological threshold, with movements around this range often reflecting broader shifts in global financial sentiment. 

The naira’s recent performance highlights the sensitivity of Nigeria’s currency to external shocks, particularly shifts in global capital flows and monetary policy expectations.

Inflation concerns weigh on outlook

Rising global inflation expectations, partly driven by energy price volatility and geopolitical risks, have contributed to higher U.S. Treasury yields, strengthening the dollar further.

This has made it more challenging for emerging markets to maintain currency stability, as investors increasingly shift funds to safer assets.

Domestic factors still in play

Despite the external pressures, domestic factors such as foreign exchange liquidity, external reserves, and policy interventions by the Central Bank of Nigeria continue to influence the naira’s trajectory.

Recent improvements in FX supply had supported the currency in earlier sessions, but global headwinds appear to have outweighed these gains.

Outlook for the naira

Market watchers say the naira could remain under pressure in the near term if global dollar strength persists and inflation concerns remain elevated.

However, sustained policy reforms, improved FX inflows, and stable oil prices could help cushion further depreciation.

The development underscores the ongoing challenge of balancing domestic economic reforms with external market forces shaping Nigeria’s currency performance.

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The naira closed at N1,359 per dollar in the Nigerian Foreign Exchange Market (NFEM) on Tuesday, according to data released by the Central Bank of Nigeria.

The latest figure represents a depreciation of N5.5 compared to Monday’s indicative rate of N1,353.5 per dollar.

Official Market Movement

CBN data showed that the indicative exchange rate rose to N1,359 per dollar, reflecting continued pressure in the official foreign exchange window.

Despite the decline in the official market, the naira remained stable at N1,360 per dollar in the parallel market.

Gap Between Markets Narrows

The margin between the official and parallel market rates narrowed significantly to N1 per dollar, down from N6.5 recorded on Monday.

The reduced spread suggests closer alignment between the official window and the parallel market, a development analysts often interpret as a sign of improved liquidity or reduced speculative pressure.

Market participants continue to monitor movements in the forex market amid ongoing policy adjustments aimed at stabilising the naira and improving supply in the foreign exchange system.

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Africa’s richest industrialist, Aliko Dangote, has projected that the naira could strengthen to about N1,100 to the dollar before the end of the year if Nigeria accelerates efforts to curb imports and expand domestic production.

Dangote made the projection during the unveiling of the country’s new industrial policy, stressing that protecting local industries remains a critical gap in Nigeria’s industrialisation strategy.

He warned that heavy reliance on imported goods continues to weaken domestic manufacturers, urging the government to implement policies that prioritise local production and support indigenous businesses.

The industrialist also identified electricity supply as a major obstacle to growth in the manufacturing sector. He advised Vice President Kashim Shettima to convene a national forum to address the country’s persistent power challenges.

According to him, the unstable power situation is slowing industrial activity and limiting the expansion of factories nationwide.

Meanwhile, Shettima disclosed that the Federal Government received about ₦900 billion in taxes from Dangote Cement in 2025, expressing confidence that the new industrial policy would boost production and increase national revenue.

He noted that the company’s tax contribution demonstrates the potential of a strong industrial base to support government finances and reduce reliance on volatile revenue sources.

The Vice President added that the new policy aims to shift Nigeria from exporting raw materials to producing finished goods locally, a move expected to strengthen the manufacturing sector, create jobs, and retain more value within the economy.

He emphasised that the policy’s implementation framework sets it apart from previous initiatives, with a stronger focus on execution to deliver measurable results and long-term industrial growth.

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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 spread between Nigeria’s official foreign exchange market and the parallel market narrowed further to N65 on Friday as Bureau De Change (BDC) operators prepared to access fresh dollar supply from banks following the Central Bank of Nigeria’s (CBN) decision to reopen the retail FX window.

The gap contracted from N92 on Wednesday to N65 by Friday, representing a 4.6 percent reduction and signalling renewed convergence between both segments of the market.

Official Market Performance

Data from the CBN showed the naira depreciated marginally for the second time during the week, weakening by N1.76 to close at N1,355.42 per dollar on Friday, compared to N1,353.66 on Thursday at the Nigerian Foreign Exchange Market (NFEM).

However, on a week-on-week basis, the currency recorded a gain of N10.77, strengthening from N1,366.19 per dollar a week earlier to N1,355.42.

Across the five trading sessions, the naira appreciated slightly by N1.16 from Monday’s opening rate of N1,354.26.

Parallel Market Gains

In the parallel market, the naira appreciated by N10 to trade at N1,420 per dollar on Friday, compared to N1,430 on Thursday, representing a 0.7 percent gain.

The narrowing spread comes ahead of actual dollar allocations to BDCs, suggesting that policy signalling alone influenced market expectations and dampened speculative positioning.

January Momentum and Reserve Growth

According to the Financial Market Dealers Association (FMDA), the naira appreciated by an average of 2.47 percent in January 2026, trading within the N1,300 per dollar range — its strongest level since the second quarter of 2024.

Analysts attributed the performance to firmer crude oil prices, which rose above $70 per barrel toward the end of January, and a softer U.S. dollar during the same period.

Nigeria’s external reserves also sustained steady growth, rising to $47.53 billion as of February 10, 2026, strengthening the CBN’s capacity to support exchange rate stability.

BDC Market Re-entry

Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), said the narrowing spread reflects confidence in the CBN’s forward communication strategy.

He noted that BDC operators have begun engaging their banks to understand operational modalities for accessing foreign exchange under the new framework, with full operational rollout expected before the end of the week.

In a circular dated February 10, the CBN authorised duly licensed BDCs to purchase foreign exchange from the NFEM through authorised dealer banks at prevailing market rates.

The development follows the apex bank’s confirmation in September 2025 that 82 BDC operators were fully licensed under the revised regulatory framework, with operations commencing in late November as part of reforms to formalise retail FX supply.

Under the new structure, authorised dealer banks must conduct full know-your-customer (KYC) checks and due diligence in line with anti-money laundering and counter-terrorism financing regulations. BDCs may access up to $150,000 weekly strictly for eligible retail transactions.

Market Outlook

Market analysts say the re-entry of BDCs into the official FX supply chain is expected to improve liquidity at the retail end, reduce the premium between official and parallel markets, and enhance price discovery.

The policy shift is also anticipated to curb speculative activity, improve transparency, and reinforce investor confidence in Nigeria’s foreign exchange market as authorities pursue exchange rate convergence.

With reserves climbing and supply channels reopening, attention now turns to whether sustained inflows and disciplined implementation will further compress the spread in the coming weeks.

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