Naira currency maintained relative stability against the US dollar on Tuesday, with official rates edging slightly higher by midday while parallel market dealings reflected a modest premium, as traders navigated routine monthly demands without major disruptions.
The naira opened at 1,391.00 to the dollar in the Nigerian Foreign Exchange Market before climbing to 1,400.54 by midday, according to market data.
In the informal sector, rates hovered between 1,470 and 1,485 naira per dollar in key hubs like Lagos and Abuja, showing a narrower gap than in volatile periods past.
The currency “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,” observers noted.
“The modest movement reflects routine market adjustments as corporate demand for foreign exchange picks up at the beginning of a new month,” according to reports from dealers.
Analysts credited enhanced platforms for the steadiness, saying: “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.”
“Despite the continued premium in the informal segment, market operators note that limited speculative activity has helped keep prices steady,” they added.
Demand for dollars to cover travel and small business imports was met with sufficient supply, “reinforcing the generally calm market mood in the opening days of February.”
Experts remain guardedly optimistic, stating: “Sustained foreign reserve levels and stable crude oil output could help the currency retain its current defensive strength.”
The naira has benefited from cooling inflation at 15.15 percent and a steady Monetary Policy Rate of 27.00 percent, as the Central Bank of Nigeria eyes further consolidation amid global oil dynamics.
