Dollar to Naira exchange rate today, February 3, 2026

The Nigerian naira traded steadily against the United States dollar during Tuesday morning dealings, February 3, 2026, sustaining the calm momentum seen at the start of the week. The local currency has remained within a narrow band as traders digest recent macroeconomic signals released by the Central Bank of Nigeria (CBN).

Official Market Update

At the Nigerian Foreign Exchange Market (NFEM), the naira began the day at about ₦1,391.00 to the dollar. As trading progressed into mid-morning, the exchange rate edged slightly, with the dollar quoted around ₦1,400.54.

The modest movement reflects routine market adjustments as corporate demand for foreign exchange picks up at the beginning of a new month. CBN data indicate that the official rate continues to be supported by easing inflation at 15.15% and a stable Monetary Policy Rate (MPR) of 27.00%.

The use of electronic trading and matching platforms has also enhanced transparency and efficient price discovery, helping the naira hold firm and remain well below the ₦1,450 threshold.

Parallel Market Situation

Activity in the parallel, or informal, market has also been largely stable, with a relatively narrow gap compared to the official window. In key cities such as Lagos and Abuja, Bureau De Change operators are selling the dollar at rates ranging from ₦1,470 to ₦1,485.

Despite the continued premium in the informal segment, market operators note that limited speculative activity has helped keep prices steady.

Demand for foreign currency for travel and small business needs is being met with adequate supply, reinforcing the generally calm market mood in the opening days of February.

 Summary of Exchange Rates

NFEM (Official) Opening: ₦1,391.00

NFEM (Official) Midday Rate: ₦1,400.54

Parallel Market: ₦1,470 – ₦1,485

Looking ahead, analysts remain cautiously positive about the naira’s prospects.

They believe that sustained foreign reserve levels and stable crude oil output could help the currency retain its current defensive strength. Attention is now on the day’s closing rates, which are expected to offer clearer signals on market direction for the rest of the week.