Nigeria’s foreign exchange market opened with new figures indicating a slight weakening of the Naira against the United States Dollar in the early hours of Thursday, February 19, 2026.
Traders are monitoring the narrowing gap between the official and parallel markets, as liquidity continues to pose challenges for importers and manufacturers.
Official NAFEM Market
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira began trading at 1,346.40 per Dollar, reflecting a minor drop from the previous session’s closing rate. Data shows the currency initially traded around 1,340.00 before adjusting to its present band.
The day’s movement points to increased demand for the greenback, although strong supply from institutional players has helped prevent sharp volatility. Analysts observe that the Central Bank’s policy direction appears aimed at sustaining the 1,340–1,350 range to promote stability in international transactions.
Parallel Market (Black Market) Overview
Transactions in the informal market remain active, with the Dollar continuing to trade at a premium. In key business hubs like Lagos and Abuja, Bureau De Change (BDC) operators are quoting buying rates at 1,490 and selling rates between 1,505 and 1,515 per Dollar.
Relative steadiness in the parallel market over the past 24 hours indicates that retail demand for personal travel allowances (PTA) and foreign school fees has temporarily balanced out. Nevertheless, the gap of more than 150 Naira between official and unofficial rates still complicates the government’s push for complete exchange rate unification.
Market Drivers and Sentiment
Exchange rates are currently shaped by global oil price movements and domestic fiscal measures designed to control Naira liquidity. While the official window remains relatively stable, the parallel market continues to react quickly to speculation and the urgent needs of smaller enterprises that cannot endure lengthy bank processing procedures.
As trading continues, analysts expect the NAFEM rate to remain within its present range unless influenced by major policy updates or sudden changes in foreign reserve positions. Market observers are particularly attentive to the week’s closing rates to assess the short-term outlook for the Naira.