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The naira has remained largely stable against the United States dollar in early trading on Wednesday, February 4, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the local currency opened slightly firmer at about ₦1,387.42 to the dollar. By mid-morning, the rate eased marginally, with the dollar quoted around ₦1,388.15.
Market observers note that sustained stability reflects improved liquidity and transparency following the introduction of the Electronic Foreign Exchange Matching System (EFEMS).
Analysts also attribute the steadiness to the Central Bank of Nigeria’s (CBN) efforts to manage corporate demand and clear long-standing foreign exchange backlogs, supported by relatively strong external reserves.
In the parallel market, the naira also traded steadily, though at a premium to the official rate. Bureau de Change operators in Lagos and Abuja quoted the dollar between ₦1,460 and ₦1,475.
Traders said demand for travel and small retail transactions was being adequately met, while the absence of heavy speculative activity helped limit volatility.
Analysts remain cautiously optimistic about the naira’s outlook, noting that stable crude oil output and sustained foreign inflows could help keep the currency within its current range through the first quarter of 2026.
