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The Nigerian naira maintained relative stability against the United States dollar in trading on Tuesday, February 17, 2026, with the official foreign exchange market continuing to reflect subdued volatility amid ongoing central bank interventions.
Ejes Gist News reports that in the Nigerian Foreign Exchange Market (NFEM), the dollar was trading at an average of ₦1,354.9 per $1 on the official window as of the mid‑morning session, reflecting marginal movement from opening levels. (FX Rate)
Official Dollar to Naira Rate
- Official market (CBN‑aligned NFEM): ≈ ₦1,355 per $1
This rate represents transactions conducted through licensed financial institutions under the Electronic Foreign Exchange Matching System (EFEMS), which continues to support price discovery and liquidity in the official FX segment. (FX Rate)
Parallel (Black Market) Indicators
In the informal or parallel market, Bureau De Change (BDC) operators across major commercial centres such as Lagos, Abuja, and Port Harcourt were quoting the US dollar at a higher rate than the official market, illustrating the persistent though narrowing spread between formal and informal channels:
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- Parallel market range: approximately ₦1,420 to ₦1,440 per $1
Dealers reported that dollar supply in the informal window has improved, contributing to a lighter premium over official quotes relative to earlier periods of heightened FX scarcity. (TheCityCeleb)
Market Dynamics and Policy Context
Analysts attribute the relatively anchored position of the naira against the US dollar to proactive measures by the Central Bank of Nigeria (CBN), including opening the official dollar market to licensed Bureau De Change operators and sustained liquidity support aimed at closing the gap between official and parallel rates. (Bloomberg.com)
Currency market participants continue to monitor external reserve levels, oil export inflows, and corporate dollar demand as key determinants of the naira’s direction in subsequent sessions. The differential between the official and black market rates remains a focal point for importers, exporters, and travellers seeking the most favourable exchange terms on February 17.
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This report will be updated with closing session figures and parallel market developments as the trading day progresses.
