The Nigerian naira continued its steady rise against the United States dollar on Wednesday, February 11, 2026, trading around ₦1,355/$ at the official foreign exchange market.
The local currency maintained the stability that has largely defined trading activities in February, supported by improved liquidity and stronger Central Bank of Nigeria (CBN) interventions.
Official Market Holds Firm
At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading at about ₦1,353.25 per dollar.
It later recorded mild fluctuations, reaching a high of ₦1,359.83, before settling at a mid-morning average of ₦1,355.46.
Market analysts linked the improved stability to the CBN’s liquidity management and the growing impact of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency, price discovery, and faster FX allocation.
The official exchange rate has now eased significantly from the ₦1,400 range recorded in late January.
Parallel Market Also Shows Stability
The parallel market also reflected a calmer outlook, although rates remained higher than the official window.
In major cities including Lagos, Abuja, and Kano, Bureau De Change operators quoted the dollar between ₦1,425 and ₦1,440.
Traders said the black market premium has narrowed, driven by reduced speculative demand and improved retail FX availability.
Key Trading Figures
- NFEM Opening Rate: ₦1,353.25
- NFEM Mid-Morning Average: ₦1,355.46
- Parallel Market Range: ₦1,425 – ₦1,440
Outlook
Financial experts remain cautiously optimistic, projecting the naira could trade within the ₦1,350 – ₦1,365 band for the rest of the week if reserves continue improving and the CBN sustains interventions.
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