Dollar to Naira Exchange Rate Today, February 2, 2026 – Official CBN Rate vs Black Market

The Nigerian Naira opened the first full trading week of February 2026 on a relatively stable note, holding within the ₦1,390 range against the US dollar in the official foreign exchange market. As business activities return to normal after the January cycle, the foreign exchange environment is showing signs of improved liquidity and controlled volatility.

This stability reflects sustained interventions by the Central Bank of Nigeria, which have helped reduce pressure on the Naira and restore confidence among market participants. For you as a business owner, importer, investor, or forex watcher, the current movement suggests a calmer start to the month compared to previous periods of sharp fluctuations.

In the Nigerian Foreign Exchange Market, the Naira opened trading at approximately ₦1,398.86 per dollar. By mid-morning on Monday, February 2, the exchange rate recorded a mild appreciation, with the dollar exchanging at around ₦1,396.88. Early trading data shows the rate moving within a narrow band, with a session high of ₦1,398.86 and a low of ₦1,394.13.

Analysts link this steady performance to the Central Bank’s continued clearance of verified foreign exchange backlogs and the expanded use of the Electronic Foreign Exchange Matching System. The system has improved transparency, strengthened price discovery, and reduced distortions that previously fueled sharp intraday swings in the USD to NGN rate.

The parallel market has also reflected a similar pattern of stability, though at a higher premium. In key commercial centres such as Lagos, Abuja, and Kano, Bureau De Change operators reported the dollar trading between ₦1,465 and ₦1,480.

Despite the beginning of a new month, which typically brings increased demand for imports, tuition payments, travel expenses, and overseas transactions, the black market rate has remained relatively steady. Traders attribute this to reduced speculative hoarding and a narrowing gap between official and parallel market rates. With less opportunity for arbitrage, aggressive demand has eased, allowing supply in the informal market to meet routine retail needs such as personal remittances and small business transactions.

At the opening of the week, the official market rate stood at ₦1,398.86 per dollar, while the prevailing mid-session rate hovered around ₦1,396.88. In the parallel market, the dollar exchanged within the ₦1,465 to ₦1,480 range.

Looking ahead, the outlook for the Naira in February remains cautiously optimistic. Nigeria’s external reserves are holding steady, and gradual improvements in oil production continue to support foreign exchange inflows. Economists believe these factors position the currency to defend its current levels in the near term.

For you monitoring exchange rates for business planning, foreign payments, or investment decisions, attention will remain on trading volumes in the official market. These volumes will serve as a key signal of market depth and determine whether the current USD to Naira exchange rate stability can be sustained through the rest of the month.