Naira shows resilience as dollar exchange rate stabilises
The Nigerian Naira continued its upward momentum on Tuesday, February 10, 2026, as it strengthened further against the United States Dollar. Early trading in the official Nigerian Foreign Exchange Market (NFEM) showed a notable improvement, reflecting increasing liquidity and the impact of policy measures by the Central Bank of Nigeria (CBN).
At the official window, the Naira opened at ₦1,361.97 per dollar before appreciating steadily to ₦1,356.10 by mid-morning, ultimately closing at ₦1,355.73 at the time of reporting.
This marks a significant gain compared to Monday’s opening levels, indicating growing confidence in the domestic currency. Analysts say this positive movement reflects a combination of market stability, effective price-matching mechanisms, and ongoing portfolio inflows into the economy.
Dollar to Naira exchange rate today: Official market dynamics
Dollar to Naira exchange rate today in the official market has been shaped largely by the CBN’s strategy to maintain transparent and competitive bid-ask spreads via the Electronic Foreign Exchange Matching System (EFEMS).
Financial experts note that the Bank’s decision to maintain the Monetary Policy Rate (MPR) at 27% has attracted foreign portfolio investments, providing an essential buffer for the Naira against external shocks.
Market observers also highlight that the robust level of external reserves has been instrumental in supporting currency stability. Corporations and banks have been efficiently channelling foreign exchange through the official window, reducing the pressure on parallel markets and limiting speculative activity.
“The consistent appreciation in the official market is an indication that the Naira is testing new support levels below 1,360, which is a positive sign for both investors and consumers,” noted a Lagos-based currency strategist.
Parallel market trends for the Naira
While the official market has shown consistent gains, the parallel market for dollar to Naira exchange rate today also reflected a mild improvement.
Bureaux de change in major commercial hubs, including Lagos, Abuja, and Port Harcourt, quoted the dollar between ₦1,435 and ₦1,450, narrowing the premium over the official rate.
This tightening gap signals a reduction in speculative demand and increased market confidence. Traders report that supply is currently meeting retail demand, travel allowances, and corporate needs, with minimal signs of panic buying that often characterise early-month activity.
“The parallel market is stabilising because more foreign exchange is available at the official window,” said a Port Harcourt-based trader. “People are less inclined to pay premiums because the official rates are attractive and reliable.”
Why the Naira is strengthening
Several factors underpin the recent resilience of the Naira. Foremost is the CBN’s policy of structured foreign exchange supply and demand management, including the continued facilitation of the EFEMS platform.
This ensures fair pricing and reduces arbitrage opportunities, discouraging excessive trading in the black market.
Additionally, consistent external inflows, largely from oil receipts, diaspora remittances, and portfolio investments, have provided the liquidity necessary for sustainable currency strength.
Analysts also point to the Central Bank’s measured interventions, combined with disciplined fiscal and monetary coordination, as crucial to maintaining investor confidence.
Implications for businesses and consumers The steady appreciation of the Naira has direct implications for importers, exporters, and ordinary consumers.
A stronger Naira reduces the cost of foreign goods and travel for Nigerian households, while stabilising input costs for local manufacturers dependent on imported raw materials.
Businesses also benefit from predictability in currency markets, enabling better planning for foreign-denominated payments and investments.
Experts warn, however, that the gains must be sustained through continued policy discipline and adequate reserves management.
Outlook for the week
Analysts remain cautiously optimistic about the dollar to Naira exchange rate today and for the rest of the week.
As long as the CBN maintains sufficient foreign currency liquidity and ensures corporate access through official channels, the local currency is expected to remain resilient.
The convergence between the official and parallel market rates also signals a healthier foreign exchange environment.
Observers note that if this trend continues, speculative activity will decline further, benefiting the overall stability of the Naira.
The performance of the Naira underscores the importance of coordinated monetary policy and effective foreign exchange management in safeguarding Nigeria’s economic stability.
Both consumers and businesses are closely monitoring developments, hopeful that the currency can maintain its current trajectory.
Damilola Bayonle is a business journalist at iReport247News, focused on financial news, economic trends, and market developments. She delivers insightful analysis on business activities, entrepreneurship, and economic policies affecting individuals and organisations. With a strong interest in growth and innovation, Damilola aims to simplify complex financial topics and provide readers with practical understanding of the business world.
