Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, February 2, 2026

The Nigerian Naira began the first trading week of February 2026 on a steady footing, maintaining its position within the 1,390 range in the official market. As businesses resume full operations for the new month, the foreign exchange market is showing signs of sustained liquidity following the central bank’s successful interventions throughout January.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the day’s session at approximately 1,398.86 per dollar. By the mid-morning trading period on Monday, February 2, the rate showed a slight appreciation, with the dollar trading at 1,396.88.

The early morning data indicate a relatively calm start to the month, with the exchange rate oscillating between a high of 1,398.86 and a session low of 1,394.13. Market analysts suggest that this stability is a direct result of the Central Bank of Nigeria’s (CBN) consistent policy of clearing verified FX backlogs and the successful integration of the Electronic Foreign Exchange Matching System (EFEMS), which has fostered greater transparency in price discovery.

Parallel Market Performance

The parallel market, or informal sector, has mirrored the stability seen in the official window, albeit at its characteristic premium. In major commercial hubs across Lagos, Abuja, and Kano, Bureau De Change operators reported the dollar trading between 1,465 and 1,480.

Despite the start of a new month, which typically sees an uptick in demand for imports and travel, the parallel market has remained remarkably stable. Traders attribute this to a decrease in speculative hoarding, as the narrowing gap between the official and black market rates has discouraged the aggressive “rent-seeking” behavior seen in previous years. Supply in the informal sector is reportedly adequate to meet current retail needs, including small-scale business transactions and personal remittances.

Summary of Opening Rates

NFEM (Official) Opening: 1,398.86

NFEM (Official) Current: 1,396.88

Parallel Market Range: 1,465 – 1,480

The outlook for the Naira in February remains cautiously optimistic. With Nigeria’s external reserves holding steady and oil production figures showing a gradual increase, economists believe the currency is well-positioned to maintain its current defensive posture. The focus for the rest of the week will be on the volume of trades in the official window, which will serve as a key indicator of the market’s depth and the sustainability of the current exchange rate levels. levels.

Hafsoh Isiaq

Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.

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