The Nigerian naira sustained a stable performance against the United States dollar during early trading on Wednesday, February 4, 2026, amid improved liquidity and measured market activity, market sources reported.
In what analysts describe as a continuation of recent strength, the local currency demonstrated resilience in both official and informal markets at the start of the trading session.
According to currency market data, the naira opened at approximately ₦1,387.42 per dollar in the Nigerian Foreign Exchange Market (NFEM), before trading modestly around ₦1,388.15 by mid-morning. The relatively calm price movement reflects ongoing confidence among investors and traders.
Market experts have credited the Electronic Foreign Exchange Matching System (EFEMS) for bolstering transparency and aiding price discovery, helping to “benefit from improved liquidity in the official window,” as observed by participants.
In the parallel market—commonly referred to as the black market—the dollar continued to trade at a slight premium. Bureau de Change operators in major urban centres such as Lagos and Abuja quoted the greenback in the range of ₦1,460 to ₦1,475, a difference that remains narrower than levels recorded in late 2025.
Analysts noted that the absence of speculative surges and the balanced supply in the informal sector have contributed to this measured performance. Retail demand for smaller transactions and travel-related needs is being met without triggering sharp intraday fluctuations typical of earlier periods.
Summary of key rates today:
Official (NFEM) Opening: ₦1,387.42 = $1
Official (NFEM) Mid-Morning: ₦1,388.15 = $1
Parallel Market Range: ₦1,460–₦1,475 = $1
The outlook for the naira remains cautiously optimistic, with observers suggesting that “if crude oil production levels and foreign portfolio inflows remain steady, the currency is well-positioned to maintain its current range-bound stability throughout the first quarter of 2026.”
Investors and businesses will be watching the closing figures later in the day for further signals on market direction.
