The Nigerian naira appreciated modestly against the United States dollar on the first trading day of February 2026, signalling a firmer start to the new month for the local currency.
Nairametrics According to data released by the Central Bank of Nigeria (CBN), the naira closed at ₦1,384.5 per $1 on Monday in the official foreign exchange market, compared with ₦1,391/$ at the end of January showing a strengthening of the naira at the outset of the month.
Nairametrics This performance also marks a clear improvement compared with the same period last year, when the naira started February 2025 significantly weaker in both official and parallel markets.
In the parallel market, reports indicate that the naira also strengthened, trading around ₦1,453/$, which helped narrow the gap between the official and unofficial FX rates an indicator market analysts closely watch as a sign of improved alignment.
Experts say the trend reflects relatively improved market stability, supported by factors including stronger external reserves and enhanced FX market reforms, though dollar demand pressures remain a key risk.
Summary:
• Naira closed at ₦1,384.5 per $1 in the official FX market.
• Stronger than late January’s rate of ₦1,391/$1.
• Better than the period last year amid a narrowed official–parallel gap.
• Market watchers remain cautiously optimistic about continued stability.
Image Credit: Nairametrics
