By JKNewsMedia Reporter
STEADY TRADING marked the opening of February as the Nigerian naira maintained its position within the N1,390 range in the official market amid signs of sustained liquidity in the foreign exchange market.
JKNewsMedia.com reports that the currency began the first trading week of February 2026 on firm footing as businesses resumed full operations for the new month.
Further activity reflected the impact of the Central Bank of Nigeria (CBN)’s interventions throughout January.
In the Nigerian Foreign Exchange Market (NFEM), the naira opened the session at N1,398.86 per dollar.
By mid-morning on Monday, February 2, the rate appreciated slightly, with the dollar trading at N1,396.88.
Also, data showed the exchange rate moved between a high of N1,398.86 and a session low of N1,394.13.
Market analysts linked the stability to the CBN’s policy of clearing verified foreign exchange backlogs and the integration of the Electronic Foreign Exchange Matching System (EFEMS), which they said has improved transparency in price discovery.
The parallel market mirrored the trend at a premium, in Lagos, Abuja and Kano, Bureau De Change (BDC) operators reported the dollar trading between N1,465 and N1,480.
Despite the start of a new month, which typically increases demand for imports and travel, traders reported that the informal market remained stable.
They attributed the development to reduced speculative hoarding as the narrowing gap between the official and black-market rates discouraged aggressive rent seeking behaviour.
Supply in the informal sector was described as adequate to meet retail needs, including small scale business transactions and personal remittances.
Opening figures showed the official rate at N1,398.86, the current rate at N1,396.88, and the parallel market between N1,465 and N1,480.
JKNewsMedia.com also reports that the outlook for February remained cautiously optimistic, with external reserves holding steady and oil production showing gradual increases as economists said trade volumes in the official window would indicate the depth of the market and the sustainability of current exchange rate levels.
