Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, February 16, 2026

The Nigerian Naira began the third week of February 2026 on a positive note, maintaining its recent gains against the United States Dollar. As the market opened for the Monday morning session, the local currency showed continued stability, supported by sustained liquidity measures and the cooling of speculative demand across the country.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading week at approximately 1353.54 per dollar. As the morning session progressed, the rate experienced minor fluctuations, with the currency trading at 1354.15 by mid-morning.

This steady opening follows a successful performance in the first half of the month, during which the Naira effectively moved away from the 1400 psychological resistance level. Financial analysts attribute this resilience to the Central Bank of Nigeria’s (CBN) consistent policy of clear foreign exchange price discovery and the robust functioning of the Electronic Foreign Exchange Matching System (EFEMS). Furthermore, the recent decision to boost retail-end liquidity through licensed Bureau De Change operators has helped absorb much of the pressure that previously strained the official window.

Parallel Market Realities

In the parallel market, the exchange rate remained stable with a narrow spread relative to the official market. In major commercial hubs like Lagos, Abuja, and Kano, Bureau De Change operators reported the dollar trading between 1420 and 1435.

The absence of aggressive volatility at the start of the week suggests that market participants are increasingly confident in the current valuation of the Naira. Traders indicate that supply levels are currently meeting the demand for personal travel allowances and small-scale business requirements. The narrowing gap between the NFEM and the street rate continues to discourage the speculative hoarding that historically contributed to sharp currency devaluations.

Summary of Rates for February 16

NFEM (Official) Opening: 1353.54

NFEM (Official) Current: 1354.15

Parallel Market Range: 1420 – 1435

The outlook for the Naira for the remainder of the week remains optimistic. With Nigeria’s external reserves showing signs of steady growth and the central bank maintaining its proactive stance on market liquidity, experts believe the currency is well-positioned to maintain its current defensive posture. Investors will be keeping a close eye on the volume of trades throughout the day to gauge the depth of market support for the 1350 level.

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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