Official Market Performance (NFEM)

At the Nigerian Foreign Exchange Market (Nigerian Foreign Exchange Market), the Naira opened the day’s session at approximately ₦1,351.18 per dollar. By mid-morning, the exchange rate recorded a marginal adjustment, with the dollar trading at an average of ₦1,354.86.

The slight movement reflects early-week corporate demand pressures. However, analysts note that the Naira has avoided the typical mid-month volatility, largely due to the transparent price-matching mechanism of the Electronic Foreign Exchange Matching System (EFEMS).

With the Monetary Policy Rate (MPR) positioned to support domestic financial stability, the official exchange rate has remained anchored below the ₦1,400 threshold for over two weeks.

Parallel Market Update

The parallel market, commonly referred to as the black market, has mirrored the relative calm of the official sector, though it continues to trade at a premium.

In major commercial hubs including Lagos, Abuja, and Kano, Bureau De Change operators are quoting the dollar within a range of:

₦1,425 – ₦1,440 per dollar

Traders report that while the start of the business week often brings increased retail demand, dollar supply remains sufficient to meet personal travel and small-scale business needs.

Encouragingly, the narrowing spread between the official and parallel markets continues to discourage speculative hoarding, fostering a more predictable environment for consumers and small business operators.

Exchange Rate Summary (February 17, 2026)

NFEM (Official) Opening Rate: ₦1,351.18

NFEM (Official) Mid-Morning Rate: ₦1,354.86

Parallel Market Range: ₦1,425 – ₦1,440

Market Outlook

As trading progresses, observers will watch closely to see whether the Naira regains its opening strength. February’s broader outlook remains cautiously optimistic, supported by Nigeria’s external reserves, which provide a buffer against external economic shocks.

Investors and market participants will monitor closing rates later today to assess currency momentum for the remainder of the week.