As trading wrapped up on Friday, February 27, 2026, the Nigerian naira continued to show signs of relative stability against the United States dollar — despite ongoing pressures in both official and parallel foreign exchange markets. Data from multiple market trackers indicates a complex picture of currency performance, reflecting both policy effects and persistent foreign exchange demand.
In the official Nigerian Foreign Exchange Market (NFEM) window monitored by financial platforms like the FMDQ Security Exchange and confirmed by market analysts, the naira’s trading range remained relatively tight. Official exchange figures for the day showed the local unit closing near ₦1,356 per dollar, with intra-day movements between roughly ₦1,355 and ₦1,362. While this represents a slight weakening compared to recent sessions, the fluctuations were moderate and did not signal a sharp loss in value.
On the parallel (black) market, where foreign exchange is traded outside formal banking channels, the naira’s range varied slightly depending on location and dealer. Reports put the black market rate roughly between ₦1,358 and ₦1,368 per dollar, indicating that demand and supply conditions were relatively balanced in major hubs such as Lagos, Abuja and Kano. Although rates differ slightly from official figures, the relatively narrow gap between official and parallel markets suggests less extreme volatility than seen in previous months.
Market observers have linked the naira’s resilience to several factors, including ongoing interventions by the Central Bank of Nigeria (CBN), improved liquidity from foreign exchange inflows such as remittances and oil export earnings, and broader monetary policy decisions, including a recent 50-basis-point rate cut by the CBN’s Monetary Policy Committee earlier in the month. Analysts have welcomed the rate reduction as a credibility-building signal, even as they caution that such adjustments reflect cautious market calibration rather than a full easing cycle.
Despite the general sense of equilibrium, not all indicators point to pure strength. Other economic reports have noted periods of depreciation and continuing pressure on the local unit in official windows over recent sessions, indicating that the naira’s position remains sensitive to global currency dynamics and domestic foreign exchange demand.
Financial experts say the current pattern — characterised by modest official weakening alongside relatively stable black market rates — reflects a transitional phase in Nigeria’s foreign exchange market. The ongoing convergence between official and informal market rates is seen as positive by analysts, as it reduces arbitrage opportunities and helps anchor investor expectations. However, they warn that true stability will depend on sustained inflows, disciplined fiscal policy, and sustained confidence in the banking system.
In summary, as the week ended on February 27, the naira remained within a controlled trading range against the dollar in both official and parallel markets. While not dramatically strengthened, the currency’s moderate performance illustrates a degree of market stabilization that many analysts have been monitoring amid economic reforms and FX management strategies.