The Nigerian naira extended its winning streak against the United States dollar during early trading on Thursday, maintaining gains recorded earlier in the week amid improved liquidity in foreign exchange markets.
๐ Official Market (NFEM) Rates
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Opening rate: ≈ ₦1,368.56 per $1
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Mid-morning: ₦1,371.40 per $1
This marks a noticeable appreciation from around ₦1,388 per dollar seen just a day earlier, as market confidence stays relatively high due to continued Central Bank of Nigeria (CBN) interventions and strong liquidity.
๐ฑ Parallel (Black Market) Rates
In major commercial hubs like Lagos, Abuja, and Kano, the dollar is trading at roughly ₦1,450–₦1,465 per $1 — one of the lowest spreads between the official and informal markets in recent months.
๐ What’s Driving the Trend?
Analysts say the sustained improvement reflects robust liquidity levels in the official market, growing external reserves, and a narrowing gap between official and parallel rates, which boosts confidence among traders and businesses.
Summary — February 5, 2026
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Official exchange rate: ~₦1,371 per USD
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Parallel (black market) range: ₦1,450 – ₦1,465 per USD
For businesses and individuals dealing with dollar transactions, the stronger naira offers a modest reprieve, though the gap between official and black-market rates remains a key factor in overall exchange dynamics.
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