The Nigerian Naira traded in a steady but watchful pattern against the United States Dollar during Tuesday morning dealings on February 17, 2026.
After a calm weekend marked by consolidation, the local currency remained within the 1,350 band at the official market, underscoring the continued impact of the Central Bank of Nigeria’s liquidity control measures.
Official Market Trends
At the Nigerian Foreign Exchange Market (NFEM), the Naira began the session at about 1,351.18 per dollar. By mid-morning, February 17, the rate edged slightly, with the dollar averaging 1,354.86.
This shift reflects a mild retreat from the intra-day peak of 1,351, as early-week corporate demand shaped activity. Market analysts observe that the Naira has managed to sidestep the mid-month turbulence often experienced in previous cycles, crediting the transparent price discovery process of the Electronic Foreign Exchange Matching System (EFEMS). With the Monetary Policy Rate (MPR) strategically aligned to sustain domestic stability, the official exchange rate has stayed firmly below the 1,400 threshold for more than two weeks.
Parallel Market Realities
Activity in the parallel market has also remained relatively stable, though the segment still commands its usual premium over the official window. In key commercial centres such as Lagos, Abuja, and Kano, Bureau De Change operators are quoting the dollar between 1,425 and 1,440.
Dealers say that while Mondays and Tuesdays typically witness heightened retail demand, dollar availability has been adequate to meet requests for travel needs and small business operations. The reduced gap between NFEM and the parallel market continues to discourage speculative accumulation, promoting greater stability for consumers and small-scale entrepreneurs.
Summary of Rates for February 17
NFEM (Official) Opening: 1,351.18
NFEM (Official) Current: 1,354.86
Parallel Market Range: 1,425 – 1,440
As trading continues, attention remains on whether the Naira can regain its initial strength. The broader February outlook appears encouraging, supported by Nigeria’s external reserves, which serve as a cushion against global pressures. Investors are expected to track the closing figures later today to assess the currency’s direction for the rest of the week.