By JKNewsMedia Reporter
THE NIGERIAN naira extended gains against the United States (US) dollar in early trading on Thursday, February 5, 2026, building on momentum recorded since the start of the week.
The local currency strengthened further in the official market, buoyed by strong liquidity conditions.
JKNewsMedia.com reports that at the Nigerian Foreign Exchange Market, the naira opened at N1,368.56 to the dollar and adjusted to N1,371.40 by mid-morning.
This marks an appreciation from the N1,388 level recorded a day earlier.
Economic analysts attribute the recovery to the Central Bank of Nigeria (CBN)’s market-matching interventions and a steady rise in external reserves, which have cushioned external pressures.
Transparency introduced through the Electronic Foreign Exchange Matching System has also narrowed bid-ask spreads at the official window.
The parallel market mirrored the official segment’s improvement. In commercial hubs including Lagos, Abuja and Kano, the dollar traded between N1,450 and N1,465.
Although the black-market rate remains higher, the gap with the official rate has narrowed to one of its lowest in recent months.
Bureau de Change operators reported steady demand, noting that diaspora remittances and small-scale export proceeds are supporting availability for retail buyers.
Summary of Exchange Rates for February 5, 2026
NFEM (Official) Opening: N1,368.56
NFEM (Official) Current: N1,371.40
Parallel Market: ₦1,450 – N1,465
JKNewsMedia.com reports that analysts said that if current liquidity levels persist, the naira could test the N1,350 support level before Friday’s close, offering relief to businesses and consumers engaged in foreign transactions.
