The Nigerian naira recorded a marginal appreciation at the official foreign exchange market on Thursday, February 6, 2026, supported by modest gains at the Nigerian Autonomous Foreign Exchange Market (NAFEM) and an increase in the country’s external reserves.
According to data from the Central Bank of Nigeria (CBN), the naira closed at ₦1,361.80 per dollar at NAFEM, improving slightly from ₦1,359 per dollar recorded the previous trading day. This represented a 0.21 per cent change, translating to a ₦2.80 movement in the official rate.
At the parallel and international money transfer operator (IMTO) segments, exchange rates showed mixed movements across major currencies, reflecting continued volatility in the foreign exchange market.
Data from LEMFI and Remitly showed that the dollar sold at ₦1,440.81 on February 6, compared with ₦1,441.11 on February 5, representing a marginal 0.02 per cent movement. The British pound, however, weakened against the naira, closing at ₦1,954.54/£1, down from ₦1,963.76 the previous day, a change of 0.47 per cent.
The euro also posted a mild decline, trading at ₦1,694.98/€1 compared with ₦1,697.80/€1 a day earlier, while the Canadian dollar strengthened slightly, closing at ₦1,053.95 from ₦1,052.98.
In a positive development, Nigeria’s external reserves rose to $46.801 billion on February 4, 2026, up from $46.701 billion recorded on February 3, representing a 0.23% increase, according to CBN figures.
Analysts say the improvement in reserves provides short-term support for the naira, boosting the central bank’s capacity to intervene in the forex market and meet external obligations. However, they caution that sustained stability will depend on improved foreign exchange inflows, higher oil production, and continued reforms in the FX market.
Despite the slight gains, the naira remains under pressure from strong dollar demand, import dependence, and lingering supply constraints, with businesses and households closely watching policy signals from the CBN in the coming weeks.
