The Nigerian Naira opened the week with a modest gain against the US Dollar on Monday, February 23, 2026, reflecting ongoing ility in the foreign exce market. Data from the Nigerian Foreign Exce Market (NFEM) shows the official rate at 1,339.18 per dollar, a slight improvement from Sunday’s close of 1,343.36. Early trading saw minor fluctuations, with the rate reaching a high of 1,342.98 before settling lower.
In the parallel market, the dollar is quoted between 1,355 and 1,362, maintaining a narrow premium over the official window. Analysts attribute the convergence to improved liquidity and reduced speculative demand, signaling a calmer trading environment compared to previous months.
The Central Bank of Nigeria’s interventions continue to support ility. Liquidity provision to authorized dealers and Bureau De Ce operators has eased retail pressures, while the Monetary Policy Rate of 27 percent attracts foreign portfolio interest, bolstering the Naira. Recent inflation trends also provide a conducive environment for currency ility, with January 2026 inflation recorded at 15.10 percent, showing signs of slowing from prior years.
Market watchers expect the Naira to trade within a range of 1,335 to 1,350 per dollar for the rest of the week, assuming steady oil prices and continued domestic production performance.
Leave a comment