Dollar to Naira exchange rate today, February 3, 2026

The Nigerian Naira maintained a stable trajectory against the United States Dollar during the Tuesday morning trading session, February 3, 2026. Following a resilient performance at the start of the week, the local currency continues to trade within a consolidated range as market participants react to the Central Bank of Nigeria’s (CBN) latest macroeconomic indicators.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading day at approximately 1,391.00 per dollar. By mid-morning, the rate experienced minor fluctuations, with the dollar trading at 1,400.54.

This movement reflects a slight intraday adjustment as corporate demand for the new month begins to pick up. According to the latest data from the CBN, the official exchange rate has been anchored by a relatively low inflation rate of 15.15% and a steady Monetary Policy Rate (MPR) of 27.00%. The transparency provided by the electronic matching systems has ensured that price discovery remains efficient, with the Naira successfully defending its recent gains below the 1,450 mark.

Parallel Market Performance

The parallel market, or informal window, remains calm with the exchange rate showing a narrow spread compared to the official sector. In major commercial hubs like Lagos and Abuja, Bureau De Change operators are quoting the dollar between 1,470 and 1,485.

While the informal market continues to command a premium, traders report that the absence of speculative pressure has kept the rate from experiencing significant volatility. Retail demand for personal travel and small-scale business transactions is currently being met by a steady supply of currency, which has contributed to the overall sense of market stability as the first week of February unfolds.

Summary of Trading Rates

• NFEM (Official) Opening: 1,391.00
• NFEM (Official) Current: 1,400.54
• Parallel Market Range: 1,470 – 1,485

The outlook for the Naira remains cautiously optimistic. Analysts suggest that as long as foreign reserves stay robust and crude oil production remains consistent, the currency is likely to maintain its current defensive posture. Investors are particularly focused on the closing rates for the day, which will provide further clarity on the market’s direction for the remainder of the week.

The post Dollar to Naira exchange rate today, February 3, 2026 appeared first on Vanguard News.