Naira Maintains Bullish Run as Exchange Rate Stabilizes at 1,353 Per Dollar

Figures cited by Vanguard indicate that the Nigerian Naira has opened the third week of February 2026 with a resilient performance against the United States Dollar. In the official Nigerian Foreign Exchange Market (NFEM), the local currency commenced trading at approximately 1,353.54 per dollar, successfully staying away from the 1,400 psychological resistance level. Financial experts have attributed this stability to the Central Bank’s Electronic Foreign Exchange Matching System (EFEMS), which has streamlined price discovery.
The narrowing gap between the official and parallel markets has notably discouraged the speculative hoarding that historically triggered sharp devaluations. In major commercial hubs such as Lagos and Kano, the currency is trading in a tight band of 1,420 to 1,435, suggesting a return of investor confidence. This stability is being bolstered by consistent liquidity injections through licensed Bureau De Change (BDC) operators, satisfying the demand for small-scale business requirements.
Reporting from ThisDay and The Nation corroborates this positive trend, with ThisDay quoting a market analyst who stated, “The naira’s current stability is a testament to the transparency of the new matching system.” The Nation further observed that “enhanced diaspora remittances and rising oil output have provided the necessary buffers for the CBN to defend the currency.”
Echotitbits take: The Naira’s stability below the 1,400 mark is a win for the CBN’s “willing buyer/willing seller” philosophy. If this trend holds through the end of the quarter, we expect to see a gradual reduction in the cost of imported raw materials, which could finally start cooling down the high inflation rates seen in the consumer goods sector.
Source: BusinessDay – https://businessday.ng/news/article/naira-seen-sustaining-stability-after-posting-first-gain-in-13-years/#google_vignette, February 16, 2026
Photo credit: BusinessDay