The Nigerian foreign exchange market continues to witness shifts as both the official and parallel markets react to mid-week liquidity demands.
As of Wednesday, February 18, 2026, the Naira has shown a slight fluctuation in value against the United States Dollar.
Official Market Performance (NAFEM)
According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira is currently trading at an average of 1,345.45 per Dollar. This follows a period of volatile trading during the early morning hours, where the rate saw a brief dip to 1,343.76 before stabilizing at its current level.
Market analysts attribute the relative stability in the official window to consistent interventions by the Central Bank and a steady flow of export proceeds. However, the intraday high and low margins remain a point of focus for corporate buyers looking to hedge against potential afternoon shifts.
Parallel Market (Black Market) Trends
In the informal sector, popularly known as the black market, the Dollar is trading at a higher premium compared to the official window. Reports from Bureau De Change operators in major hubs like Lagos, Abuja, and Kano indicate that the greenback is being bought at 1,480 and sold between 1,495 and 1,510 per Dollar.
The gap between the official and parallel markets, often referred to as the “arbitrage gap,” remains wide, driven largely by retail demand for school fees, travel allowances, and small-scale imports that fall outside the immediate scope of the official window.
Economic Outlook
The current exchange rate reflects a broader trend of cautious optimism in the Nigerian economy. While the Naira has managed to avoid the sharp devaluations seen in previous cycles, inflationary pressures continue to influence the pricing strategies of informal traders.
Experts suggest that if the current supply of foreign exchange remains steady through the Nigerian Foreign Exchange Market (NFEM), the pressure on the parallel market may ease toward the end of the trading week. For now, businesses and individuals are advised to monitor official channels for the most accurate pricing.
