Reports coming in say that the Nigerian Naira extended its winning streak against the United States Dollar during the early hours of Thursday, February 5, 2026. Building on the momentum from the start of the week, the local currency has significantly improved its position in the official market, as liquidity levels remain robust.
Naira opened today’s trading session in the Nigerian Foreign Exchange Market (NFEM), at approximately 1,368.56 per dollar.
By mid-morning, the rate saw a slight adjustment, with the exchange rate settling at 1,371.40.
This current valuation represents a notable appreciation from the 1,388 levels seen just 24 hours ago. Financial analysts attribute this sustained recovery to the Central Bank of Nigeria’s (CBN) aggressive market-matching strategies and the continued growth of Nigeria’s external reserves, which have provided a strong cushion against external shocks.
The transparency of the Electronic Foreign Exchange Matching System (EFEMS) continues to be cited as a primary driver for the narrowing bid-ask spreads in the official window.