Naira Trades Around ₦1,345 as FX Markets Remain Cautious
Nigeria’s foreign exchange market saw modest movement on Wednesday, February 18, 2026, with the naira trading at an average of ₦1,345.45 per U.S. dollar in the official window.
The mid-week session reflected cautious trading, as both official and parallel markets responded to shifting liquidity demands. The local currency showed mild fluctuations against the U.S. dollar, continuing a pattern of careful adjustment observed in recent weeks.
Official Market Shows Measured Stability
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the naira settling at an average of ₦1,345.45 per dollar. Earlier in the session, the currency briefly dipped to ₦1,343.76 before regaining ground and stabilising.
Analysts say the relative calm in the official window is supported by steady interventions from the Central Bank of Nigeria (CBN) and consistent inflows from export proceeds. These factors appear to have reduced panic-driven trading. However, attention remains on intraday high-low margins, with corporate buyers closely watching for potential shifts as the day progresses.
Parallel Market Trades at a Higher Premium
In the parallel market — commonly referred to as the black market — the dollar continued to trade at a stronger rate than in the official window.
Checks with Bureau De Change operators in Lagos, Abuja and Kano showed the dollar being bought at around ₦1,480 and sold between ₦1,495 and ₦1,510. The gap between the parallel and official rates — often described as the arbitrage gap — remains wide, as retail demand for school fees, travel allowances and small-scale imports continues to drive activity outside official channels.
Outlook Remains Cautiously Positive
The current exchange pattern reflects measured confidence in the broader economy. Although the naira has avoided the sharp devaluations seen in past cycles, inflationary pressures continue to influence pricing decisions in the informal market.
Experts say that if foreign exchange supply remains steady through official channels, pressure on the parallel market could ease before the week ends.
For now, businesses and individuals are advised to monitor official rates closely for accurate and transparent pricing as market dynamics evolve.
