Naira opens February at N1,384.5/$, strengthens towards greenback 

The naira appreciated towards the US greenback on the primary buying and selling day of February 2026, closing at N1,384.5/$ on the official international trade market.

That is in line with information revealed on the Central Bank of Nigeria’s (CBN) web site on Monday.

The advance marks a modest however notable achieve for the native foreign money because it begins a brand new month amid indicators of improved market alignment and comparatively stronger buffers in contrast with the identical interval final 12 months.

The naira’s newest efficiency displays a slight strengthening from its place on the finish of January and highlights a narrowing hole between the official and parallel markets, a key indicator intently monitored by market contributors and policymakers.

What the info is saying 

The official international trade market confirmed a firmer naira place in the beginning of February 2026 in contrast with latest buying and selling periods and the identical interval final 12 months.

• The naira closed at N1,384.5/$ on the primary buying and selling day of February 2026, in contrast with N1,391/$ on the ultimate buying and selling day of January 2026.
• On a year-on-year foundation, the foreign money traded considerably stronger than the primary buying and selling day of February 2025, when it closed at about N1,500/$ on the official market.
• Information compiled by Nairametrics present that February 2025 opened with the naira buying and selling as weak as N1,620/$ within the parallel market, creating an official–parallel market hole of N111.
• In distinction, the parallel market opened in February 2026 with the naira exchanging at N1,453/$, narrowing the hole with the official price to N62, in contrast with N68 recorded on the finish of January 2026.

The narrowing hole between each markets suggests comparatively improved worth discovery and alignment within the international trade market in the beginning of the month.

Extra insights 

Past the day-on-day motion, broader indicators level to a comparatively extra steady atmosphere in contrast with the volatility seen in early 2025.

• All through February 2025, the naira constantly traded above the N1,500/$ stage on the official market, reflecting heightened volatility throughout that interval.
• The present February 2026 opening ranges point out a relatively stronger beginning place, each on the official and parallel markets.
• Regardless of the advance, demand pressures and publicity to exterior shocks stay key dangers that might affect near-term trade price actions.

These elements underscore why the narrowing hole, whereas constructive, is being considered cautiously by market watchers.

What you must know 

Nigeria’s exterior reserves proceed to supply an vital buffer for trade price administration and market confidence.

• As of the interval beneath evaluate, Nigeria’s exterior reserves stood at $46.18 billion, supporting the Central Bank’s capability to handle international trade market fluctuations.
• Nairametrics just lately reported that exterior reserves have crossed the $46 billion mark for the primary time in about eight years.
• Stronger reserves assist enhance confidence within the official FX framework and supply room for intervention in periods of heightened volatility.
• The reserves place additionally performs a job in sustaining improved alignment between the official and parallel markets, notably in periods of elevated greenback demand.