Nigeria’s foreign exchange market continues to experience fluctuations as mid-week liquidity pressures influence both the official and parallel segments. As of Wednesday, February 18, 2026, the Naira recorded a slight movement against the United States Dollar.
Official Market (NAFEM)
Data from the Nigerian Autonomous Foreign Exchange Market shows the Naira trading at an average rate of ₦1,345.45 per Dollar. Earlier in the day, the currency briefly strengthened to ₦1,343.76 before settling at its current level.
Market observers credit the relative calm in the official window to sustained interventions by the Central Bank and a steady inflow of export earnings. Nonetheless, intraday fluctuations remain closely watched by corporate buyers seeking to manage exchange rate risks later in the day.
Parallel Market (Black Market)
In the parallel market, the Dollar continues to command a premium over the official rate. Bureau De Change operators across key cities such as Lagos, Abuja, and Kano report buying rates around ₦1,480 and selling prices ranging between ₦1,495 and ₦1,510 per Dollar.
The persistent gap between official and parallel market rates — often described as the arbitrage margin — is largely driven by retail demand for school fees, travel expenses, and small-scale import transactions not readily accommodated within the official window.
Economic Outlook
The prevailing exchange rate trend signals cautious optimism in the broader economy. While the Naira has avoided sharp depreciations witnessed in previous periods, inflationary pressures continue to shape pricing dynamics in the informal market.
Analysts note that sustained foreign exchange supply through the Nigerian Foreign Exchange Market (NFEM) could help narrow the gap in the coming days. In the meantime, businesses and individuals are encouraged to rely on official sources for accurate and up-to-date exchange rate information.
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