The Nigerian foreign exchange market recorded moderate movements on Wednesday, February 18, 2026, as the Naira posted slight fluctuations against the United States Dollar across both official and parallel segments.
Official Window Shows Relative Stability
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) indicates that the Naira closed at an average rate of ₦1,345.45 per Dollar. Earlier in the trading session, the local currency experienced mild volatility, briefly appreciating to ₦1,343.76 before settling at its prevailing level.
Market observers link the relative calm in the official window to sustained interventions by the Central Bank of Nigeria and steady inflows from export proceeds. Despite the stability, intraday movements remain closely watched by corporate buyers and import-dependent firms seeking to hedge against potential late-session adjustments.
Parallel Market Maintains Premium
In the parallel market, commonly referred to as the black market, the Dollar continued to trade at a significant premium over the official rate. Checks from Bureau De Change operators in Lagos, Abuja, and Kano show the greenback being purchased at approximately ₦1,480 and sold between ₦1,495 and ₦1,510 per Dollar.
The persistent gap between the official and informal markets reflects sustained retail demand for foreign exchange, particularly for school fees, travel allowances, and small-scale import transactions that are not easily accommodated within the official window.
Outlook Remains Cautiously Optimistic
The current exchange rate trend signals cautious stability in the broader economy. While the Naira has avoided sharp depreciation seen in previous cycles, inflationary pressures and demand-driven speculation continue to influence pricing behavior in the informal segment.
Analysts note that consistent liquidity within the Nigerian Foreign Exchange Market (NFEM) could help narrow the arbitrage gap if supply conditions remain steady through the week. For now, businesses and individuals are advised to rely on official market data for the most accurate and transparent pricing benchmarks.
Comments