Dollar to Naira exchange rate today, February 4, 2026

The Nigerian naira remained largely stable against the United States dollar in early trading on Wednesday, February 4, 2026, extending the steady performance recorded in the first days of the month.

The local currency continues to draw support from improved dollar liquidity at the official window and relative calm in the parallel market.

Official Market Update

At the Nigerian Foreign Exchange Market (NFEM), the naira opened trading with a slight appreciation, exchanging at about ₦1,387.42 to the dollar.

As trading progressed into mid-morning, the rate experienced marginal movement, with the dollar quoted around ₦1,388.15.

Analysts attribute the sustained stability to the rollout of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and price discovery in the market.

They also point to the Central Bank of Nigeria’s effective handling of corporate forex demand and the resolution of long-standing foreign exchange backlogs.

With external reserves holding firm, the official market has continued to offer a more predictable environment for importers and foreign investors.

Parallel Market Situation

The parallel, or black market, reflected similar stability, though the dollar continued to trade at a premium to the official rate. In key cities such as Lagos and Abuja, Bureau De Change operators quoted the dollar between ₦1,460 and ₦1,475.

Market operators noted that the gap between the official and parallel markets has narrowed significantly compared to the highs recorded in late 2025. Adequate supply for retail demand, including travel-related transactions, and the absence of heavy speculation have helped prevent sharp price swings often seen at the start of the year.

 Exchange Rate Snapshot

NFEM (Official) Opening Rate: ₦1,387.42/$

NFEM (Official) Midday Rate ₦1,388.15/$

Parallel Market Rate: ₦1,460 – ₦1,475/$